Enigma,
These people were all pretty sure of themselves too, weren't they...
Bill
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From NEWS and VIEWS ( USA Gold ) Newsletter, feb 98:
The following are quotes published recently by James Blanchard in his
GOLD NEWSLETTER. Please note the similarities between what you see and
hear now in the financial press and what was being said in 1976, just
before gold made its historic run to nearly the $900 level. At the
time these comments were made, gold was in its darkest hour having
collapsed to the $100 level under the pressure of US Treasury and IMF
gold sales.
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"I don't know where we go from here. I'd hate to say $90 an ounce, but
I suppose even that is possible."......Wall Street Journal 7/20/76
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"Thanks to the latest IMF dumping of the stuff ( gold ) , the great
rush of '76 --to unload-- took on the makings of an old fashioned
panic. But take heart, gold bugs! Dick Donelly, from his privileged
perch in Commodities Corner, assures us that the intrinsic value is at
least $5 an ounce."...........Barron's 7/22/76
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"...Gold, that fair weathered friend, is distinctly out of fashion.
Even to bring out the subject is to lay oneself open to
sneers."................... .......Financial World, Fall 1976
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"There seems to be little to stop the price of gold going below $100
an ounce."....................... ...........The Economist, 9/11/76
**************************************************
"The new low for gold is an indication that the central banks of the
world, particlarly the US Federal Reserve, and the West German
Bundesbank, are determined to press on their plans to demonetize gold
regardless what that does to the price.".... .................Business
Week,9/13/76
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"The rebound in the gold price from the low of $103 in August to
around $140 by mid-November probably isn't the beginning of another
sustained boost because neither runaway inflation nor recession are
immediate global threats. That's the view of gold watchers who aren't
'die-hard' gold bugs."...... ............Money Magazine 12/76 |
