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Politics : Welcome to Slider's Dugout -- Ignore unavailable to you. Want to Upgrade?

To: SliderOnTheBlack who wrote (11321)	8/28/2008 9:45:25 AM
From: RonMerks	Read Replies (1) \| Respond to of 50526

'What did you think you were insuring by continuing to hold gold? Read that last sentence one more time, and think about it. What did you really need to be insuring? If you got that right...you got the trade right. If you didn't...you got crushed. Crushed, because you needed to be insuring, what you incorrectly perceived to be your insurance. You needed to be insuring your gold -- not holding it, as insurance.' XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX Well I guess I'd better get this said before I get banned- I have been trading gold and silver since the middle 1970's. And I have at one time, or another- subscribed to most of the hard money- gold newsletters. From the $49 newsletters that are only a 'tease' to get you to subscribe to a $5,000 trading service- to those $5,000 trading services and everything in between. I am not going to stand here and say that none of them ever made me money- because many of them did. But, the vast majority never did anything but tell me what I already knew and tell me that gold was always going higher and to buy every dip. And Slider- you've written a lot of good stuff and I've learned a lot from you. But, today- this was your best post ever. What I clipped and posted was something very simple- but yet profound. I thought I was following what you said- and I thought I knew what you were saying- and about half of it- I did. But I must admit that your point about gold bugs thinking their gold was insurance- versus insuring their gold- was brilliant. Youve talked about mind set a lot- and about picking up the box and turning it upside down and shaking it. And I thought I understood. But you point today was a light bulb finally being turned on. That was your best post- EVER. And this was brilliant- 'Crushed, because you needed to be insuring, what you incorrectly perceived to be your insurance.' Bravo! Ron

To: SliderOnTheBlack who wrote (11321)	8/28/2008 11:21:08 AM
From: shakes	Respond to of 50526

Ref. "scouting report"... if JP Morgan is at the center of the "Evil Empire", this morning's Mineweb article is an interesting telltale: mineweb.com A quote from Ian Henderson of Morgan's Global Natural Resources Fund: "We love gold. We have a substantial part of our portfolio in gold mining companies," added Henderson. "I think the gold price will surpass its previous peak." regards, Shakes

To: SliderOnTheBlack who wrote (11321)	8/28/2008 1:00:15 PM
From: Webster Groves	Respond to of 50526

Who is this YOU that you are constantly referring to ? That's right, the straw man than serves as your whipping boy. While you constantly berate the poor fellow for buying gold in '02 and not selling a single Eagle, you yourself consistently bet on Notre Dame, year after year, in hopes of rekindling former glories. Don't deny it. The record is there for all to see. And what do you have for your efforts ? A drawer full of faded South Shore ticket stubs and and a crumpled leprechaun hat signed by Lou Holtz (you wish). Give it up. wg.

To: SliderOnTheBlack who wrote (11321)	8/28/2008 2:16:00 PM
From: Taikun	Read Replies (1) \| Respond to of 50526

SOTB "Buying and holding gold & gold stocks did neither..." Gold stocks...OK, but physical, no. An analogy to your premise goes like this: "Martha here's the annual $1000 premium due on our life insurance and we've been wasting money year after year, lets cancel" "Thats right Joe, 90 years of $1000 a year, compounded in the bank, and we'd have had a nice nest egg, we should cancel" (replace life insurance with disability insurance, car insurance) Actually many gold investors are happy that their gold investment isn't up. Because that means they still have their job, they still have their house, and the financial system is functioning smoothly. Everyone is 'long work', 'long life'...AND long 'this financial system'. Gold is a way to short 'this financial system' and remain long life. Gold was, is, and always has been the way to build this long term paired trade. If you are long Pesos, you're still 'long this financial system'. This financial system, like life, has no guarantees. Gold is the investment many have for the day when the financial system breaks, and there will be no warning. You wake up one morning, banking holiday. Talk to anyone from Argentina in their crisis. If you had gold, US dollars the morning of the holiday, your family was fine. So, your 20-20 rearview approach is fine from a trading perspective, but you missed one point. Most investors in bullion don't sell, perhaps one year in ten. The reason they don't sell is that noone in the general population is getting a 'heads up' on a banking holiday, or capital controls, or a dual currency, or a domestic and international exchange rate. "Insurance is supposed to both pay YOU for your loss, and offer YOU protection against loss." Dont make the mistake of looking for the loss in your rearview mirror while you step on the gas and go hurtling headforward into the loss at high speed. For now, the banking system still works, most people have their jobs and their houses. No loss. -D PS Germany with its Weimar republic experience...most would agree its the best gauge of whether this 'loss' is potentially in our future "The Bundesbank has said that gold reserves are more important than before and has rejected calls that it should sell some of its gold reserves to help boost the slowing German economy. The Bundesbank said that financial and political uncertainty make the reserves even more important than before. The Bundesbank is the world's second-largest holder of gold after the US Federal Reserve, and has sold just 20 tonnes out of total reserves of over 3,000 tonnes in the past five years." "Gold sales are not a suitable way to sustainably consolidate the public accounts," the Bundesbank said after a query about trade union proposals that it sell gold to fund some of a 25 billion euro ($37 billion) economic stimulus package. "National gold reserves have a confidence and stability-building function for the single currency in a monetary union. This function has become even more important given the geopolitical situation and the risks present in financial market developments." fxstreet.com Mexican Pesos?? Knock yourself out!!

To: SliderOnTheBlack who wrote (11321)	8/28/2008 3:26:18 PM
From: pitbull_1_us	Respond to of 50526

Slider But for the good old days when you posted your trades just after the fact and gave honest answers to questions etc. instead of this.If you would let me suggest to you that you change you writing style back to how you wrote in the old Strickly Drilling days where you seemed to try to help and encourage others if you could find the time. Boy,that was a good thread.peace.