OT/Silver: gold-eagle editorial - "Silver Revisited"greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
-- Jack (jsprat@eld.~net), November 06, 1999
-- Jack (jsprat@eld.~net), November 06, 1999.
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-- Stan Faryna (email@example.com), November 06, 1999.
"I think there will be a stampede into gold and silver ... - This century, silver is now free. It is dirt cheap, and it is still a precious metal. "
Check out this Interview in the link above -
This has cheered me up a little this early AM as I see gold and silver taking another bashing... :)
StockHouse: Do you have any targets on the price of gold, for the rest of the year or early into next year?
James Dines: I don't usually work on targets. I prefer trends, because we're long-term holders on it. I've shepherded my subscribers into a basic portfolio of Internets, with a 10% hedge in the precious metals. We look at the precious metals like fire insurance. Only an idiot would hope to make money on a fire. Since every time you move, you lose about one-third of your possessions, I figure three moves equals one fire. We've had a clear upside breakout. We are now in the breakout pullback. I am guessing that gold will probably hang around the $300 area for a while. There are two important aspects. The big news, on the short term, is that there is a huge short position out there that is trapped. Lots of them were forced out by margin calls, and have a cover, which pushed the price up. That was part of the reason for the violence of the upside breakout. You have not even a full unwinding of the carry trade. There are a lot of these gold- mining companies that have sold forward in the future's market. So, I think there is a latent pull of buying. I think that gold will drift down, and all of a sudden, it will have a wild upside rally for no reason. It will probably be because someone is deciding to cover. So, I am not looking for a big crash, and I will be very surprised if there is a big drop in gold prices.
StockHouse: And you feel there is still an upside for gold?
James Dines: When you have mass fear, the kind of mass fear that I laid out in my book, "Mass Psychology," I think you are going to see prices of gold that simply nobody would believe today. I think there will be a stampede into gold and silver There is an ongoing, subtle, chronic currency crisis going on in the world. I laid this out in my second book, "The Invisible Crash." That was how I was able to predict the currency crisis in Asia, two years before it happened. I am, therefore, looking for additional currency crises. Eventually, it will hit the U.S. dollar. When it does, the world will change forever. At that point, when people are afraid to hold dollars worldwide, I think there will be a stampede of something else. I am skeptical that it will be just another paper currency. We turned bearish on the Euro at $1.17. It is $1.06 now, and I think that will eventually go much lower.. When I first recommended gold at $35, and I said it would go over $400, people wanted to have me arrested. I have learned my lesson, but I think that gold will go far higher than anyone else in world believes.
StockHouse: There are some pretty wild predictions out there about gold, and you think it will even beat those?
James Dines: Yes.
StockHouse: You named Pan-American Silver as your second favorite. What is your favorite silver stock?
James Dines: Industrias Pinoles. It is the world largest silver producer.
StockHouse: Do you see the price of silver having a good run up?
James Dines: Yes, I do. I don't know about this year, because there are only eight weeks left. The situation there is explosive. There is more being consumed than being mined. Mining operations are closing down because of the low prices. In 1960, I baptized silver as the "poor man's gold." You can't have a major bull market in gold without having silver being dragged up with it. Silver is down from around $50 to around $6-$7. This century, silver is now free. It is dirt cheap, and it is still a precious metal. I feel that somewhere ahead of us there is a tremendous bull market in this commodity.
-- Andy (2000EOD@prodigy.net), November 06, 1999.