Gold

[Daytr]

You can misconstrue what I say all you like Birmanboy. I wasn't referring to my fund although no investment is risk free. Suggest you stick to your yield plays a game of diminishing returns I might add. I would certainly prefer you don't paraphrase & misquote me. I came here to log out for the evening & now I shall.

[Daytr]

Karlos, I find that a very strange question re my ethnic origin & really not sure why it would make any difference.
But if you must know I am a European Kiwi who grew up in the Hawke's Bay & Bay of Islands & have been working overseas for 20 years in London & Sydney. Funny I like Jim Beam also. I have been completely open what my position is & I have returned to NZ for family & lifestyle & am looking to start a Resources fund that has a focus on gold juniors but also other mining stocks such as iron ore, copper etc. So if that's an agenda, there it is. Last post for today I promise. :-)

[elZorro]

They got the wrong guy..

[Skol]

Gold - the dog of 2013.
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An ounce of gold, often represented by a single American Eagle coin, is a fairly easy thing to visualize. Even a 400 ounce gold bar, like the ones held at Fort Knox, is a fairly fathomable concept. But when you try to get your head around just how much of the metal an ETF like the SPRD Gold Shares (GLD) owns, it can get a little daunting. And the same is true when you try to track how much they've had to sell as the price of gold slips to a 2-1/2 year low.

"300 tons," says Tom Lydon, the editor of ETF Trends, in the attached video, calling the disposal of over 600,000 pounds of gold so far this year "amazing" and "incredible."

This, of course, as the largest metal-tracking fund has gone from briefly being the biggest ETF, to being a top-5 player after being cut in half to approximately $46 billion in value today, holding just over 1,000 tons of gold in its vaults.

While gold is clearly out of favor forcing the hand of holders to sell into weakness, Lydon says it won't always be that way.

"Central banks maybe aren't as concerned," he lists as one reason why gold is down. "I think the average investor, with stocks and bonds doing so well, I think they say, 'hey, I don't need to hedge, so that gold position I had, I'm going to put that into stocks for now.'"

It's a reality, a trend, a self-perpetuating sell-off that seems to have no bottom in sight, as the darling of last decade turns into the dog of 2013.

"It's been tough enough to beat the S&P this year, and if you've had money in gold, that has hurt you," Lydon says.

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Goldbugs rubbish Ben Bernanke, a man of vast qualifications and experience, they also rubbish the Fed as a bunch of incompetent idiots who don't know what they're doing but actually it's the other way around.

The goldbugs are a motley collection of enthusiastic amateurs enamoured with morons like Peter Schiff, Mike Maloney and whose reading material consists of KWN and Zerohedge.
A while back a poster on HC posted 'we are all economists here". That statement just about says it all. lol
The goldbug vitriol becomes more and more desperate as time marches on and the 'great crash' hasn't happened. All you have to do is look at who's making money and who isn't. Quite simple.

[Huang Chung]

Well done on your call on gold Skol.

I've been fortunate in that I sold my gold stocks a little while ago. My most recent holdings were in SLR, BDR and SAR....all badly smashed (especially SLR and SAR).

Rush of blood yesterday had me dip my toe back in the water with a small parcel of Regis shares. Not as beaten up as the others, and probably won't recover as well either, but with a low cost base and plenty of gold in the ground, RRL should continue to weather the storm.

I'm guessing gold might stage a bit of a recovery here, as it did seem to fall too far, too fast, but who would really know.

Anyhow, it's good to have a bit of skin back in the game, for a punt if nothing else.

[Skol]

HC,

Good to hear from you, hope all's well. Take it easy with those goldies, could be a down day HUI -2.75%, GDX -2.5%, GDXJ -3.9%, SIL -1.63%.

[Huang Chung]

Don't worry Skol, I'm not game to really dive in deep. Even my RRL purchase was a half size parcel (ps...I actually bought it Monday, not yesterday, at $3.63). So far so good, but fortunes can turn on a dime, as you know.

Avatar of a 747-800 Skol....have you been on one yet?

[Skol]

Avatar of a 747-800 Skol....have you been on one yet?

No unfortunately HC, but on 747-200 and 747-400 for 32 years this month. Might be a world record.

[Huang Chung]

If you don't mind me asking, in the cockpit, down the back end or wielding a spanner?

[Skol]

If you don't mind me asking, in the cockpit, down the back end or wielding a spanner?

Up front, 20,000+ hours on 74's.