Forum Archive Index - December 2003

[hugh webber <hugh.webber@clear.net.nz>]

Agree wholeheartedly with Snoopy on this.
I recall reading an article a few years ago in the Economist 
that something like 40% of South African gold mines would 
have to close if gold went under $US400 an ounce.

Of course it did, well under, and SA devalued the rand to hell and back 
and brought in even cheaper immigrant labourers from Mozambique 
etc. in order to keep its gold mining sector going.

The Black Tulip was a great book - there's a new version coming 
out called The Gold Tulip aka the South Sea Bubble.

Incidentally I'm reading "The Reminiscences of a Stock Operator" 
by Edwin LaFevre recommended by Andrew Robinson as an old 
classic in the Sunday Star Times a few weeks ago. Damned hard 
to get hold of - some ratbag has pinched the Canty Public Library 
one (Snoopy?) and they had to send off to Waikato Uni.
Very readable, altho absolutely no appreciation of what makes stocks
move in the medium to long term. He states early on that there's 
nothing new under the sun and his references to the no tax situation 
brings to mind the tax free gold nibbling in Australia referred to.

Nothing new under the sun - you can be sure that the next generation 
of gold buffs will be enthusiastically puffing gold in 20 years time 
completely oblivious of any lessons to be learned from the Great Gold Crash
of 2004.....

----------------------------------------------------------------------------
To remove yourself from this list, please use the form at
http://www.sharechat.co.nz/chat/forum/