Zeev's Turnips Patch-No Politics (ZEEV)

[Frank Pembleton]

Zeev... removing politics from commodities isn't possible, but playing without the thoughts of conspiracies is. Is that why you don't speculate in this arena? Oil, gas and gold is what I'm playing-- cocoa, cattle, and the Saskatchewan Wheat Board I'm not.

As for gold? I'd never play it as a commodity-- but in a modern financial world, the people who mine it have to see it that way or the'd starve to death. How could you ever finance an operation without any realistic assumptions?

Despite the fact that gold is rare, it's also useless. Nearly all the gold thats ever been mined is still around today. In fact, I see it as a terrible investment when times are good. The value of gold as a commodity sits somewhere around the cost of production, but the value of gold during a world wide currency crisis is infinite.

I just have to keep reminding myself to sell my positions here when gold start edging its way back to the commodities section of the futures market.

Regards,
Michael