A free flowing market tends to over-react in one direction if left alone and if not careful will over-extend to the point of rebound. On Friday, most gold stocks fell near Feb lows and they are now in a position for a bounce. All it takes is a little surprise that the market is overlooking.

223 -

The Japanese, it is said, believe platinum goes better with their complexion than gold, ergo 80% of all platinum jewelry is sold to Japanese. I prefer gold jewelry. Saw a cutie at the beach today with a gold waist chain. This is behavior to be encouraged.

Sheller -

Don't let 'em talk you out of it. The vodka martini has a noble tradition. Beware though, the mixture can be entirely entropic.

I think what I will do is use something like 'partition magic' so that I can go back to the old operating system at the click of a button. Hard disk space is now cheap. Much of my software is exotic -- and may not work with Win 95 -- or especially NT.

It is the endless blathering and repetition by the rest here that becomes tedious. Is anyone really buying that cutsie little, yes? at the end of his posts? The trouble with a farce is that the players affectations ultimately trip them up. His posts take up very little bandwidth, the endless posturing of his disciples fills these pages with naught but yammering.

This said, I remove myself for all time from any discussion regarding ANOTHER, yes?

If there is nothing suitable, I may just use something like 'partition magic' so that I can still access the old system if necessary.

Thanks in advance from the computer literate out there.

In another post, Greece accuses Turkey of violating Greek airspace. I think we need to watch Turkey, Algeria ( and Egypt? ) very carefully because of the moslem majority -- suppressed by a non democratic minority rule. A financial collapse -- such as the one that seems to be evolving in Turkey -- will only add fuel to the fire.

I have many times been stymied by physics experiments that did not work the way I thought they should, or worked as expected -- but I missed somthing subtle that was far more important than all previous work. I found discussions of the physical phenomena with others having a totally different perspective where highly rewarding. In fact -- the more divergent the background of the other conversant -- the more rewarding.

Has anyone noticed that ANOTHER at least tolerates our posts without comment? Are we to behave in a less civilized manner regardless of his origins or the accuracy of his posts? I think that we should all accept him as a fellow poster, and take his input like we take any input at this site -- with caution until confirmed. I was impressed when one time he said the very same thing about his own posts!

I must admit that I do not agree with many of ANOTHER's posts, but he has made me think -- I now understand the LBMA much better, and I see how the two tier system might evolve, which is probably much the same as the 'oil for gold' argument.

I look forward to hearing from one of us who states that the 'oil for gold' system has been around for years. Also -- I would like to know more about those times in our history when misguided Governments insisted on tightly regulating the purchase and sale of key commodities -- leading to distortion of the markets and occasionally 'two-tier' systems. I certainly don't know all I could now about the time the US 'two tier' gold system collapsed in the 70's. Apparently the world's major countries were all supporting the US dollar by selling gold ( cartel? ) for a time to foreign investors only -- until it fell apart.

Since we are at the end of a CB gold-selling gold bear, I think our discussions would be better served focusing on the historical ends of other gold bears.

Pete, good job with the Another piece.

Up until the two-tiered gold price theory was presented, I thought Another's writings were interesting, something to think about. Like the investment advice always keep 10% in gold. D.A.'s comments about the internal workings of the paper gold market not confirming anything in Another's writings seemed more real-life to me. Now with the two-tiered theory, I believe the paper gold market wouldn't confirm/reject Another's writings. It's funny how the clearer the theory gets the cloudier it becomes.

I also want to put a plug in for supporting this BB - buy a Mounty from Bart!

Tuned in to see

What's new on Kitco

Seems just ANOTHER day

So sad, but its so.

PS

No need to tell me this is the worst rhyme in history. That is the intent.

OK

By the way, if I read the murky depths of the EURO sites correctly, the real power regarding purchase and sale of gold ( and other money issues ) will not be executive ( EURO CB director ) , but by vote from member countries, weighted 50% by GNP and population, IMHO. I could not discern who represents member countries -- the politicians, or the central bankers. Real important information for us.

I will look forward to further comments from you, SDRer, and any others who undersand the EURO situation. I think the price of gold over the next 2 years or so will depend very strongly on how the EURO evolves.

Have a nice day, everyone!

I have something to add which may make dialog between the two of you easier.

ANOTHER knows gold and oil, and thinks almost exclusively long-term, I suspect. I would guess that his economic future is secure because he has enough of what we all desire.

We at Kitco are more heterogenous, with day traders, intermediate - term traders, and long term investors. Most of us know we do not have enough. Also, we at Kitco tend to focus on short-term phenomena in gold ( days ) regardless of our long-term goals.

So -- it is not surprising that one such as ANOTHER says that one day gold will be revalued, and nothing will be the same. And someone who thinks long term -- decades perhaps, is likely to consider gold/oil worth alot more than it is now ( spot price ) , relative to the dollar. So, it is our differing concepts/perspective of time that makes our communication with ANOTHER difficult, and vice-versa. This also explains much of the mystery in his posts.

I propose the following concept -- that that 'one day of reckoning' about the true price of gold -- is ANOTHER's point of view from his long term perspective. It is up to us -- the short timers -- to determine -- for his ( and our benefit ) just how quickly this 'day of reckoning' will actually take, and the process by which it evolve. I would guess -- weeks to months -- took less than three months in 1987 for gold stocks to double ( I recall, IMHO ) .

Here is another analogy. Lets say that one of us has a very rare one ounce gold coin, and thinks it is worth $10,000 dollars. But -- when he places it on the market, 20% of the buyers offer him $300/oz, 30% offer $500/oz, and one offers $5,000 dollars. But noone offers $10,000 dolars. Are any of these individuals wrong if the inflation of the currency used to calculate these prices is certain? No -- of course not! The only difference is how much premium is placed on the time factor.

The same story applies to oil, as one day it will be all gone.

Here is another analogy: Spot gold, derivatives based on the price of gold one year in the future, and derivatives based on the price of gold in 2015, when the US is likely to have a major credit crunch. Spot gold would be $280, one year from now possibly $350-400, and $2000-$5000 in 2015. Hence it is no surprise that the long termers in the world might place a premium on the price of gold sold by Belguim on the LBMA ( BIS ) . As the price of spot gold starts to move, that LBMA premium is going to go up more.

Thus, I think we can look back in history to guess what will happen to gold this time -- imperfectly, perhaps. The rise in the price of gold will be fast -- fast on ANOTHER's time scale -- but probably not ours.

Hope this helps the kibitzers. We all need to remember that noone should blindly take the advise of anything on Kitco, regardless of source. All information should be corroborated with other independent sources.

http://www.logancapital.com/comment/octcomm97.html