I take your point about the steady flow of news being promised and not delivered. Personally, and I stress personally, it doesn't bother me, but I can appreciate different points of view.
I'm not quite sure what you mean when you say my comments could apply to half the stockmarket. Half the stock market has CS backing? Half the stock market has a DFS coming up or Gold production on the horizon?
As to the Gold mania, I was merely contrasting such euphoria with the current market sentiment which might be described as dejection, (only at present) at least where Gold stocks are concerned.
I agree that investing in the hope of a mania is foolish and my 4 reasons for investing in MYG in my last post didn't refer to a mania, only to MYG's excellent credentials. These might lift the price into the 50c-$1 range.
However, whilst we're on the subject of Gold manias, let's look at your time frame. Gold has doubled in 4 years and yet no mania, very true. So let's look at the numbers last time there was a mania, back in 1978.
Gold's bull run over the 12 years from 1966 - 1978 had pushed the price up approximately 10 times, before it really took off in the last 2 years to 1980. Back to the beginning of this bull run, (which interestingly has been running nearly 12 years). We are closing on the 10 times figure once again and if we hit $2,000 Gold in 2012 as many are predicting, we will reach it.
Yes, this is all history and supposition, but history has a funny way of repeating itself. And I'm not alone in my hunch that we will see a Gold mania repeated. All of the following have explored the possibility - JP Morgan, Goldman Sachs, Credit Suisse, Kondratieff's long wave theory, King World News, Clive Maund, Casey Research, Aden Sisters, Kitco commentators, Cazenove Investments, to name a few. There are others, of course who disagree, such as the many pension fund managers who have denied the value of Gold over the last 12 years - wrongly as it has turned out.
So I agree, I need to own MYG because I think it will do well from its own resources. However, I still think there is every chance that a change in market sentiment will one day provide some following winds
MYG Price at posting:
8.2¢ Sentiment: Hold Disclosure: Held
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