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Gold/Mining/Energy : Gold Price Monitor

GDXJ 106.98

+0.2%

Dec 4 4:00 PM EST

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To: Greg Ford who wrote (13023)	6/13/1998 1:24:00 AM
From: ahhaha	Read Replies (1) of 116796

Correct. I don't hold gold because of fluctuations caused by the adjudication of marginal supply and demand. The gold price action is all psychology. It's hard to succeed in that game because it has the characteristics of the commodity markets. Wild swings. I believe gold should be $1200/oz. That would put it in parity with the costs of everything else we buy. 25 years ago everything was 10 times cheaper. Don't disagree, I lived through it and kept records because I was furious about the rapidly rising inflation of the early '70s. Then it actually rose to 5%. In the late '70s and early '80s it was still averaging 7%. Before the closing of the gold window, gold was $125/oz. So it should be 10 times higher now simply to achieve parity. That tells you the degree of deflation we've actually undergone. The FED has hidden that reality by monetary manipulation. They've slowed the fall and distributed the pain over time. That regime is now over. We used up all the 21% interest rate pain and the good old days are about to descend.

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