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Gold/Mining/Energy : Gold Price Monitor
GDXJ 97.81+0.9%4:00 PM EST
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To: long-gone who wrote (14692)7/20/1998 6:45:00 PM
From: James R. Barrett  Read Replies (2) of 116762
 
Richard, I agree with almost everything you said.

Yes, it would be nice if all governments were required to backup 50% of their currency with gold. However we both know that will never happen. Besides, that's not the point.

You seem to forget that we are gold investors. We are not interested in stable currencies or stable governments. Our primary goal is to buy gold or gold mining stocks at a low price and sell at a high price. Right now we are at a low point and everybody is waiting for POG to go up in price so that they can sell and make a tidy profit. After that happens we are all going to be sitting around asking each other when is the POG going to go down so that we can buy it again and repeat the process.

I'd bet my hat that if the POG climbed to $600 during the next twelve months 99% of the people on this thread would have sold their gold before it reached $575.

So the question is; if it is so important to own gold to protect your savings against inflation and corrupt governments why do we exchange it for a "pile of paper" when the POG goes way up?
Are we afraid the POG will go down again? If that's the reason then that means we have more confidence in the paper than we do in gold.

Could this be human greed in action? You must admit there is something satisfying in being able to say, "yeah, I paid ten grand for it and sold it for twenty".

Jim
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