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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: Salt'n'Peppa who wrote (109508)	9/16/2008 9:39:12 AM
From: Wyätt Gwyön	2 Recommendations Read Replies (1) of 206214

SnP, i actually am a gold hater, yet i have a substantial position in GLD now. things have to be really bad for somebody like me to become a goldbug -ng-. the reason i dislike gold is that so many people speculate in gold with lots of leverage. this is imo a big reason why gold has done so poorly during the past couple months of financial meltdown (that plus the commodity unwind, but i think it is mainly speculators getting hung out). next time somebody tells you gold has no obligations, remind them that all the speculators who are clown long gold on margin have very real obligations, and those obligations are likely to be called by the margin clerk during a panic. for this reason, despite now having a decent gold position (which i wish i'd made smaller a month ago), i have split my bet between gold and JPY. JPY, of course, is a fiat currency, but unlike gold it is what speculators have borrowed in order to go long all the other crap they go long. JPY has been doing very well lately, which may be a very bad omen for just about all asset classes.

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