continuing on to this Message 25996868 thread of thoughts
player 1: Hi Jay, I feel very honoured by what you say, thank you for the kind words.
I have had instances in the recent past where my ex-clients (mostly fund managers) and friends who have labelled me as a GOLD fanatic and/or a GOLD bug ! to which I tell them that they dont get the real meaning of investing in GOLD.....I think still very few ( you, ABC , Bill, Marc and few others on the blog understand the true meaning imho) in the investment world leave alone the world at large truly understand the true meaning of GOLD and why it should be in every portfolio ! I am very deeply involved in this mkt since 1999 and at times when I have expressed my views I am labelled as a fanatic or bug or some such thing....so I am very quiet abt it ! I hope you understand....not that I dont want to share it with others ... just not sure how others may take it ...
ABC, on your point whether a few banks would be declaring lower profits due to their GOLD exposure, I would add this : do you think aig's losses occuring at a time when SILVER was close to $20 was a co-incidence ?? of course not !
player 2: I think those that were gold skeptics are now becoming believers.
For example, XYZ got bearish and said gold was going to 660.
He was ostracized by some on the blog, but he was more right than wrong as gold went from 900 to 700.
But XYZ is a trader and a chartist, and he is now very, very bullish.
And when accused of becoming a gold bug, XYZ replied, "Obama made me do it..."
But XYZ doesn't care if he is bullish or bearish on anything.... He just wants to be right.
He got hammered last year, but he was up over 200% for the year a couple of weeks ago...
The Administration does seem hell bent on devaluing the USD. And once that sentiment takes hold, it is very, very hard, if not impossible to reverse....And at that point, gold explodes .....
JMHO
player 1: ABC, I was not referring to XYZ or anyone in particular....in fact my own ex-clients/friends were my case in point
In a recent mining conference/event in Melbourne, Mr.Richard O'Brein CEO of Newmont gave a very important number : that there is about $700 billion placed in gold assets, he said, representing just 0.58 percent of the $140 trillion of global investments. In fact he is more conservative than me (He is far more knowledgeable than me) as I thot the figure was anywhere from 0.90-1.2% !
So I think this is a mutli-decade bull mkt , just as we saw a bull mkt in s&p from 1980's to 2004-2005/watever......it is still a long long way to go....
Yes, u right...once the psyche of a weak/devaluing dollar takes hold it wud be impossible to reverse it...esp. when one considers the statements made yest. by Bair !! that was beyond ridiculousness !
rgds
player 2: I know you weren't, but I thought it a good example of how overall sentiment towards gold is now beginning to change....
I'm 30% long gold, and I'm worried that I'm not long enough!!
tobagojack: quick the bull talk! i had to change underwear twice. tout ou rien. |
