not being much of a blogger but someone who corresponds, writes (attaches) by e-mail, fountain pen & paper and even skype (skippy, tch! tch! tch!), i had a look at this site today. one blog regaled against the council's claim for a 6% pay rise (they didn't get it) whilst one written 5th november 2007 (apt day for the first half of the content) predicts the economic mess the world is presently going through.
if it was an eton mess then daddy would bail me out.
gold hit $1033oz 21st march 2008 before retreating to $681oz late last year but is now powering above the $1000oz level once more and, i bet, there will be continued buying beyond there (silver is already up 25% this year at $14.60oz - a much better bet to hit last year's highs of c.$22oz) and should take the market to it's inflation-adjusted all-time high of $2220oz in 1981.
this is a serious & sustained flight to quality (eg. gold & treasuries) as global stock & property markets slide to 42% of july's 2008 highs. however, i don't think this will just be a rule-of-thumb 50% retracement but further and deeper. it's called a depression that will last for a couple of years (for those of you who didn't realise you were in a recession from spring last year.
like global warming, it's both man-made as well as cyclical.
i watched (yet another) unsurpassable attenborough wildlife documentary focussing on salmon returning to spawn at their home grounds in alaska and canada the other evening. as they fought their way upstream there was a line of grizzly bears waiting at a waterfall ridge, open mouthed, claws lashing out for the silver, pink and gold that flew towards them.
the majority got through; bears never get hungry, they go without food for 4 months a year, but they still shit in the woods.
but the salmon will be back to get through them again in another four years when gold will still be continuing it's longest bull run for 60 years.
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