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Major Miner

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  • Why I Don't Own Gold [View article]
    It's mesmerizing, isn't it? I'm not a very emotional person, but when I hold a bar of gold in my hands, the effect that it has on me is strong, but difficult to explain exactly what it is. The rational side of me says it's nothing more than a chunk of metal that has no power at all. But when I'm holding it in my hands, the rational part of my brain ceases to work, and I get a little "gooey" inside. When Tolkien wrote The Lord of the Rings, I think he understood the effect that gold can have on people, because Gollum is the embodiment of that emotion, though taken to extremes.
    Jun 28 04:09 PM | 2 Likes Like |Link to Comment
  • If you want a bullish take on gold (GLD), Ron Paul has one for you. Asked why the yellow metal hasn't performed very well of late, he says "markets do these kind of things … they go up and then they take a rest," but "if you look at the record since the Fed has been in existence, we have about a two cent dollar" and based on "about six thousand years of history" the prognosis for commodity money is pretty good. "As long as we have excessive computerized money … we're going to see gold go up." How far, you ask? "If we're not careful, to infinity," Paul warns. [View news story]
    This is more of a commentary on the potential for the US dollar becoming worthless than anything else.
    Jun 18 07:27 PM | 1 Like Like |Link to Comment
  • Chinese Physical Gold Deliveries Match World Gold Production [View article]
    Thank you for the very good article. The volume of physical delivery at the SGE vs. mine output is particularly intriguing.

    I have a question on the issue of banks starting to go long. Based on the graph, it appears as if during the period during the spring of 2011 into August/September when gold hit it's peak, the banks were increasing their short positions. And from the beginning of 2013 until now, they were decreasing their short positions as the price of gold plunged. Based on this, why should we believe that their long positions may be a sign of increasing gold prices ahead?
    Jun 17 05:51 AM | 2 Likes Like |Link to Comment
  • Gartman: 'Gold Is A Broken Commodity' [View article]
    " is simply valued upon what someone else is willing to pay for it."

    Sure, but doesn't that also apply to everything in the world? Even stocks that pay dividends or bonds - they're only worth what others are willing to pay for them.
    Jun 16 02:02 PM | 6 Likes Like |Link to Comment
  • How The Experts Were Wrong: Gold Failed To Hold $1,400 And The Taylor Rule [View article]
    I'm a gold bull, but I'm also open-minded enough to know that I can probably learn a thing or two from people who don't share in my opinions of gold. Rather than dismiss the author's opinion just because it doesn't match your own, perhaps you should pick out certain points made by the author and discuss why you don't agree with those points.
    May 31 07:25 PM | 14 Likes Like |Link to Comment
  • Gold Going To $500? [View article]
    You predicted $700. We're just about double that right now, and we still have a very long way to go until we get to your target. It's a little too early to be patting yourself on the back.
    May 16 02:46 PM | 9 Likes Like |Link to Comment
  • Going All In [View instapost]
    Are you still long GDXJ? How about physical gold?
    Apr 6 04:35 PM | Likes Like |Link to Comment
  • Gold Takes Out Major Support: Next Stop $1,350 [View article]
    Do a Google search "Insider buying gold stocks globe and mail" and you'll find a March 25, 2013 article that states that of the gold mining companies on the TSX, insider buying has outnumbered insider selling by a ratio of 7 to 1, which is double than January of 2013, and very high when compared to historical levels. Insiders seem to generally agree that this is a great time to buy gold stocks.

    Whether it's actually a good time to buy is a different story, but I trust the insiders more than I trust most everyone else.
    Apr 3 08:59 PM | 3 Likes Like |Link to Comment
  • Marc Faber: The Fed Party Is Over, Invest Overseas [View article]
    True, but I wish the US understood that lesson.
    Mar 20 11:28 PM | Likes Like |Link to Comment
  • 'Black Box' Pricing Of Gold Vs. 'Death Of Gold' Notion [View article]
    I thought this article was excellent. I especially liked the list of fundamental factors that drive price. Your explanation about the interpretation of TA and FA is certainly something I will give careful consideration to as I make my investing decisions. I'm now a follower and look forward to reading more of your articles.
    Mar 14 04:53 AM | Likes Like |Link to Comment
  • The Bundesbank is repatriating at least part of its gold from New York (where 45% of the country's reserves are held) and Paris (11%), according to Handelsblatt. Steve Liesman says the Buba has confirmed the story, and the amounts are to be announced tomorrow. [View news story]
    I believe the tungsten comment was a joke. Tungsten is just about the same density as gold so it is often used to make counterfeit gold bars.
    Jan 15 09:05 PM | 2 Likes Like |Link to Comment
  • Gold Is Over - Or Is It? [View article]
    I agree - the end of QE is not the death knell for gold. But even if it were, it wouldn't matter because QE is going to be with us for a very long time. A few years ago during QE1 or 2, they announced an anticipated end to the program and the gold market took a dive. But they didn't end it - it just got bigger. Just last month, Bernanke announced that QE4 will remain in place until unemployment goes below 6.5%. We're not even close to that number. Then in the last FOMC minutes, the gold market saw that "several" members wanted to program to end before the close of 2013, which caused a mini-panic. Much ado about nothing. Did they completely forget about the employment target they set less than a month ago?

    I also believe that gold may be in for some short term difficulties, but I think that this consolidation has gone on for much too long. I think 2013 will be another up year, and we may be seeing a parabolic spike up within the next 2-3 years.
    Jan 11 06:21 PM | 5 Likes Like |Link to Comment
  • Gold In A Bubble? Seriously? [View article]
    "Now ask yourself which is more believable. The top 1% allocated only 2.5% - 3.3% of their funds into gold since the last 12 years is more believable, or 25% - 33%? Or probably even more? Is the top 1% smart money or dumb money? If they are smart money, then do they lead or follow?"

    I think it's the former. I believe there are plenty of wealthy people who don't really think too highly of gold. The most vocal among them is Buffett. And based on the names you mentioned earlier, I think you are under the misconception that the rest of the 1%ers share a similar attitude towards gold. I don't believe they do.

    Sinclair is "Mr. Gold" so he's on the extreme end of the bell curve. Bass has spoken highly of gold in the past, but if you look at the 13F for Hayman Capital Management, he doesn't have anything in gold.
    Dec 30 03:46 AM | 2 Likes Like |Link to Comment
  • Gold In A Bubble? Seriously? [View article]
    While the 1% figure is an estimate, the explanation below that pie/donut chart gives a little insight as to how they arrived at the estimate. Why would you be more likely to believe a 10% number? Do you have some sort of rationale for thinking like this other than purely anecdotal explanations?
    Dec 29 03:02 AM | 2 Likes Like |Link to Comment
  • Is Ackman's Hatchet Job On Herbalife Justified? [View article]
    Ackman lost 90% of his entire fund? Could you provide a link because I did a search on Pershing Square Capital and I couldn't find any point at which the fund lost 90%, or even close to that much.
    Dec 21 06:45 PM | 5 Likes Like |Link to Comment