Thanks but no thanks, I'm a contrarian looking for beaten down stocks and not looking to get my fingers burnt on anything gold.
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Skol, I had a look for latest gold info on www, found plenty of compelling evidence for continued faith in a high gold price.
http://www.reuters.com/article/idUSLDE65O0GM20100625
Saw somewhere else on a goldbug page that the inflation-adjusted historical high for gold was over US$7,000 per ounce. But in recent times, it was more like US$2,176.
http://goldprice.org/inflation-adjusted-gold-price.html
And fair enough Skol, the price didn't stay up there for long at that stage.
I have to repeat, OGC is my preferred investment ATM, not gold itself. As long as the company continues to make the most of the environment it is in, normal business results will apply. In this case, extremely high profits with low risk.
The internet is full goldbug stuff which is a contrarian warning all on its own, lots of suckers don't understand the risk involved but will sooner or later get a stern lesson on it.
The goldbug sites do anything to crank up the price and entice the gullible but the actual inflation adjusted price is about US$2200.
They quote property and other nonsense to claim the inflation-adjusted price is much higher to justify their optimism.
When it got to $850 in 1980 it was grossly overpriced and subsequently crashed but Pamela and Mary Ann Aden (who goldbugs love to quote) said in 1980, that in 1985 or 1986 the price would be $4000.
The Adens, surprisingly still put out a newsletter.
The goldbugs on various sites quote any number of 'analysts' to keep them feeling good about the price, probably because they need a mental crutch. One moron yesterday said silver would soon be $600oz.
Goldbugs crack me up, it's good entertainment.
Credit Suisse
WE ARE REVISING OUR gold price forecasts for 2010 through to 2014. Our long-term gold price forecast remains unchanged at $850 per ounce. We are also moving to a revised valuation methodology. Previously we were using flat spot pricing; we were using our 2010 gold price forecast of $1,025 per ounce in 2010 and beyond, to generate our target prices.
Dated June 24 2010
Have been hearing an advert for a CFD type product - can't quite remember exactly) but only mentioning gold and for a small outlay of (I think) $1000 and the gold price moves $3 up you can make $30,000 - Sounds easy, only $3 up - easy peasy money :p
Fails to mention what happens if the gold price goes down!
The internet is full goldbug stuff which is a contrarian warning all on its own, lots of suckers don't understand the risk involved but will sooner or later get a stern lesson on it.
-That's nothing compared to the USD euro bullish fiat currency bull**** we see on the box 24/7 a couple gold bull websites oh no LOL quick sell that precious metal the world gone mad with gold fever.....
You're going to be a billionaire JB.......
I've been told on HC that silver will soon be $600oz.
While I realise you're quite busy building your bunker down there JB I can assure you the rest of the world is open for business.
I'm seriously cosidering buying some Euros, looks OK technically.
not a bunker a new house an yes within the next decade I could see Silver reaching some very high prices compared to todays very cheap prices remember Silver is a two way bet if the worlds electrical,healthcare,solar etc demand increases or if the world fiat currency collapse it will be bullish for silver as a store of value one thing it will never do is be worthless
If you added up all know Financial assets GOLD bullion still only makes up a tiny 1/10 of 1% Silver most likely 1/100+
--But you watch out Skol those evil Gold Silver bullion buyers are set to make this the biggest PGM bull market of modern times load up on euro's before it flys LOL
-I'd say your the kind of guy skol that would keep driving even when the oil lights on LOL because you know better back in the 80's bah bah