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Gold/Mining/Energy : Gold Price Monitor
GDXJ 106.68-0.3%Dec 5 4:00 PM EST
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From: Tommaso4/20/2009 3:14:50 PM
  Read Replies (2) of 116798
 
Because I have so much net worth tied up in gold and gold miners, I find I easily become too enthusiastic at times about gold's prospects. (Until I compare myself with James Sinclair>)

But it does seem to me that as more people realize that they would have been much better off being in gold for the last ten years than in most other things, there may be more participation. It certainly is easier than ever before.

Therefore, I can't help hoping that I am right that we may be reaching a point for gold that the stock markets had attained about 1992 after ten years of impressive gains in stocks. That's when everyone began to believe that you could not lose if you went into stocks long term, a mania that still has not really disappeared completely as we have seen in this recent rally. Because gold was such a terrible place to be in the 1980s, and because its crash from the 1980 peak went on for years afterward, the view of gold now may be analogous to the view of common stocks about 1960: quite cautious.

I hope I am right--and I also hope I have sense enough not to lose my mind completely if I am right. At some point it will certainly be time to diversify back into an array of common stocks.

Disclosure: I am actually even more heavily invested in oil, specifically the tar sands, than I am in gold.
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