To:Lorne Larson who wrote (303) From: Dale Schwartzenhauer Tuesday, Jul 8, 1997 9:13 PM Respond to of 80051
Lorne - good post. You're right, history doesn't change, it repeats. The current environment reminds me of 1984-85 when gold was skimming these levels. Analysts said it would go much lower; it went higher instead. The same thing happened in 1976 with gold near $100; analysts (who were far and few between on gold) were calling it back to $35, while a notable congressman said it should go to $6, which was it's value in the arts. A small handful were looking for $400 plus; no one really expected $850 (NY spot reached $891). The degree of bearish sentiment is such that we may be at a multi-year low, but I'll reserve judgment on that for now. Dale
To:Ted Gregg who wrote (320) From: carpe diem Tuesday, Jul 8, 1997 10:24 PM Respond to of 80051
Ted, A good choice. Now, the pog is the lowest in over 12 years and fgldx is the lowest in five years. I have been looking at the invesco strategic gold chart for months. I have not made my INITIAL purchase yet. I DO BELIEVE YOU MADE A WISE DECISION FOR THE FOLLOWING REASONS. 1) Buy when everyone else is selling. 2) Buy low, Sell high. 3) Buy when there is blood in the streets. 4) Inflation is as low as I have ever seen. Does anyone see inflation decreasing from these levels?? 5) All my friends who know nothing about stocks are borrowing money to get into the stock market. They have all their 401K funds into mutual funds. They know more about baseball and snowmobils then they do about the historical trend of the stock market. 6) We have a Blazing stock market. What can be predicted here? very low interest rates. What can be predicted here? no world crisis ala Big war. stability and peace and irrational exuberance. I like the idea of owning a gold mutual fund for the diversification across many companies. I dont want to worry about assays, dead geologists, foreign gold fields or quarterly reports. The pog should have a pretty direct correlation with fgldx.
Did you keep powder dry?? This knife is still falling and as excited as I am about this, I plan to make up to 4 equal purchases. One very soon, up to three more with the final big purchase after the news turns positive.
I dont want to predict your good fortune to early Ted. Let just say that FGLDX should hit 6.0 before it hits 2.0. Good luck!
Thanks to the many fine posts on this thread. Really, the direct news is great.
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