Excellent summation of where we stand from both a macro and...

Excellent summation of where we stand from both a macro and micro perspective.

Although l agree on nearly every point, the challenge for us all is timing. "Stupid" can persist for a lot longer than it should (as it already has).

I can just as easily see the currently bubble in everything lasting another 3 or 4 years, stoked by government deficits, electoral hand outs, falling interest rates, low unemployment and rising asset prices.

Then again, the beginning of the reset could be triggered by the simplest event, economic, geo-political or social unrest.

As Anti says, in every case the fundamentals for POG are supported. It will undoubtedly be accompanied by volatile price swings, that will unnerve even the believers, but a much higher price will be asked for "real money" in the future.

That China, Russia, India and other non western countries are hoarding gold whilst the Anglo world creates and spends its paper money, is a real concern to me, from a global perspective.

That is the long game that will probably surprise and confound us all later this decade and rock the market values of most financial assets.

Until then, l will continue to add to my ALK holdings while we are in the 50s. The fundamentals of sound and profitable future revenue streams are being put in place, but we won't see any fruit for a while, so it is a long burn.

Could an M&A or corporate play occur without notice? Or a game changing announcement? Sure. It is not what one invests for, but it is something one be prepared for. For me that is why l am compelled to buy when prices are attractive though they may go nowhere for months and often, years.

Most investors struggle with the competing emotions of patience and FOMO. The most succesful one l have known it followed, seem to be comfortable with making the choices they believe are right and then confidently wait for the market to catch up to them.

It is not easy and not guaranteed to be succesful every time. Yet it is the path to the creation of real wealth.

As l usually do with a concentrated portfolio, l have placed a very large bet on this business and its management team to deliver for its stakeholders.

I am happy to wait as long as it may take for an outcome to become clear. I hope and trust many others with the same mindset, can do the same and in time, are rewarded.

GLTASH