I am inclined to agree with Sam3.
Good news is simply wasted in this market.
With a significant rate cut as per yesterday, and a downward trend on Comex for all of tonight, (down $15 currently) it just goes to show that gold will not be allowed to create any excitement while the puppet masters still have control. They are extremely desperate at the moment as there is a lot at stake.
The problem they have though, is the limited amount of remaining gold reserves they are prepared to sacrifice by quelling the real demand that is arising around the world.
All of the gold on Comex is worth something like 5 billion dollars, yet they create 100 Billion dollars of new money out of thin air every day. They have already created trillions of dollars of new money to date in the current crisis.
Any wonder they removed M3 years ago to avoid controversy about the highly inflationary path they have chosen.
Counter intuitive markets have become the norm, but that will change. The rest of the world is waking up. Acute financial pain has a habit of doing that to you. Taiwan, a staunch ally of the US have ditched their Fanny and Freddy bonds, an extremely revealing loss of confidence in the US system. Russia and China are not hapopy with what has been foisted on them by the US either. England through Gordon Brown is also calling for reform with support coming out of Europe.
Integrity will return to markets eventually, through group pressure by the nations of the world and gold is poised to play a significant role. There is nothing else that can provide a store of value that is universally recognised.
The world needs confidence restored to its currencies and reverting to some sort of gold backing just might be the way to achieve this. In any case, gold is undervalued. What other asset can you buy for less than it was 30 years ago? A block of land would have trebled or quadrupled in that time.
Rhetoric or not 'sheepwash', (and I do hear what you are saying!) all gold stocks are facing the same dilemma, and the quality ones right around the globe, all offer remarkable value at current prices. And so does IGR.
Patience is the key!
Cheers
Nev
Moved from the "Europe" forum. Original message number: 85
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- nice chart eh
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