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Non-Tech : The Woodshed -- Ignore unavailable to you. Want to Upgrade?

To: TH who wrote (6552)	5/10/2004 10:21:43 PM
From: rubbersoul	Read Replies (2) \| Respond to of 60913

Didn't somebody once figure out that an ounce of gold was worth a nice quality suit? How much is a decent suit nowadays? John

To: TH who wrote (6552)	5/10/2004 10:23:38 PM
From: Little Joe	Read Replies (4) \| Respond to of 60913

My response is that there is only one price that matters and that is the market price. I think it is absolutely impossible for us to value gold, or for that matter most markets, on the fundamentals. Most of us are not knowledgeable enough to do this. Years ago when there was a broiler market on the commodities exchanges I had a friend who was in the business. He was a chicken broker. If anyone knew the market he did, yet he almost went broke because the market did not do what it "should" have in his estimation. Needless to say he had far more knowledge of the broiler market than any of us have regarding the gold market. Most people, when they see the market move contrary to their expectations will fail to re examine their positions. I guess there is something in the human condition that doesn't let us accept that we are wrong. Even now that I am in one of my best trading periods of the year, I am looking for reasons why I may be wrong. If the market moves against me I will throw in the towel, take my profits (at least in this case) and live to fight another day. I have watched many on the thread lose a lot because they were not willing to listen to the market. For example although the gold market gave several clear clear sell signals, most, being wildly bullish on gold refused to listen. I suspect that this will likely not bottom out until most on the thread have sworn off gold and there are just a few posts, which is when the last great buying opportunity occurred. On the other had I am very mindful that gold is extremely oversold and that it could reverse any day. When I see signs of that I am not going to argue with the market because I am bearish. I take my profits and look for the next good entry, be it long or short. In summary, I have no idea what the price of gold should be and I acknowledge that I lack the smarts to figure it out. I am just hopeful that Mr. Market will talk to us and that I will understand him enough to make a little money. Little joe