The boom of the century exploded onto the share market about 40 years ago. Poseidon Nickel Sept.1969 shares @80c.Keep in mind you could buy a house for around $8k-$10k in many suburbs back then. A weekly wage was in the $60 - $80pw range.Fuelled by media hype the shares rocketed up in price with guillible 1st time investors jumping in.After 3 months the frenzy reached new levels when the London media started hyping it here(remember no internet then & newspapers were the main communication).In Feb. 1970 the shares peaked at $280,a mere 35,000% gain in 5 months.Then reality kicked in with lower ore grades & reserves + higher production costs(fabricated disclosures). The shares plummeted. In 1976 Poseidon was delisted. It was after this that the ASX tightened up on reporting rules. A lot of investors did their dough. Some sobering headlines.FUELED ON FALSE HOPE,FALSE INFO.,GUILLIBLE 1st TIME INVESTORS. Could GOLD do this?
