<<Yesterday was perhaps the most discouraging day, for me, since I started owning gold a couple of years ago.>>
I understand your angst, but I see this as the unfurling of a wonderful buying opportunity. If you're too heavily committed, lighten up on something. I would suggest NEM as I think the future belongs to the juniors.
**** NEM is a junior?
<<The $US clearly lost value, but gold tanked much more, all because of competitive devaluation by the Euro and Yen.>>
In my view, it will be the universal competitive devaluations that will will propel gold to bull market status in currencies other than the USD.
<<If this continues, the $US could lose 50% of its value over the next several years, and the POG go nowhere>>
Did you forget the <GGGGGG> that belongs at the rear of that statement? While it can't be proven, those "if" and "could" disclaimers are just not going to happen....... IMHO, of course.
*** Well, something has to change, and I'm not sure what. People are valuing gold based on the Dollar/Euro ratio. They have no other benchmark. The CPI is no good, because the Feds are lying about it (and Greenspan is proposing making it even worse). What's needed is a new benchmark, but I have no idea what that would be...
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