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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: goldsheet who wrote (63541)	2/8/2001 2:41:41 PM
From: long-gone	Read Replies (3) \| Respond to of 116791

Hey Bob, With all due respect, Could you be wrong? You have often stated the only thing that matters is supply of & demand for actual physical gold - correct? If the increased hedging of Anglo & freshly begun hedging of Harmony do not effect POG, why has it gone down since the announcements?

To: goldsheet who wrote (63541)	2/8/2001 2:49:50 PM
From: sea_urchin	Read Replies (3) \| Respond to of 116791

Bob: "Firms tend to do what they think is in their own best interest, not what benefits the industry" Which is the fundamental problem. As you know, it was the fragmentation of the diamond industry and the dog eats dog attitude which, almost 100 years ago, prompted Oppenheimer, Joel, Barnato etc to make a cartel in order to stabilize prices. Surely, this is also the reason behind OPEC and other cartels. And, as you also know with gold the situation is complicated by the CBs which are now net sellers unlike 50 years ago when they were net buyers. Hopefully, when these guys are done selling, mining supply and market demand will come into equilibrium and POG may be induced to rise. One hopes however, when that happens, that gold will not have been "debased" to the extent that it is no longer regarded as "precious". In fact, whether the mines wish to act in concert or not, if they do not continue to propagate the myth that gold is "precious" then all of them will be out of business. It is the preservation of the myth on which the survival of the whole gold industry depends but, with CBs selling all the time, mines producing as hard as they can and selling forward as much as possible and POG falling continuously, it is becoming harder and harder to preserve. Surely, the one single arbiter of whether something is truly precious is that its price keeps rising. The gold price, on the contrary, does not rise, even in paper money terms. In fact, for the past 20 years it has been falling compared to virtually everything.

To: goldsheet who wrote (63541)	2/8/2001 3:42:18 PM
From: long-gone	Read Replies (1) \| Respond to of 116791

<<Firms tend to do what they think is in their own best interest, not what benefits the industry. >> And you mentioned nothing of in the best interest of their investors?

To: goldsheet who wrote (63541)	2/8/2001 8:07:14 PM
From: IngotWeTrust	Respond to of 116791

[edit: see post 63571] <eom>

To: goldsheet who wrote (63541)	2/8/2001 8:07:57 PM
From: IngotWeTrust	Read Replies (1) \| Respond to of 116791

Hi, Bob...as one of your regulars, you just keep reminding them about the "inelasticity of supply" ya'hear?!!!<g> On another matter, is my mind playing tricks on me, or do I accurately remember the price of gold being "officially" lower for a period of time PRIOR to the $20.67 official designation at the time of the great gold confiscation of the 1930s? I seem to remember some wonderful graphic a few years back of some Bechter Gold Octagonal coins along side a bar or two that was marked something in the neighborhood of $9.67 cents or some such. I don't remember the years or the reason for the bump to 20.67 either, altho' I do know the reason for the bump to $35 where it sat forever... As the proud site keeper of goldsheetlinks.com, do you have that recorded on there somewhere, or know where to get at that information for me? If someone wants to pitch in with an adjunct sourcing or something that might help us both with this buggerin' question, I'd shorely appreciate it! Since your profile doesn't allow us to PM you, I had to reach and and touch you this way, okay? Thanks, gold_tutor