michael pascoe on gold. read the readers comments

Cool. A comments section actually worth reading.

Pascoe's a funny dude. I liked his closing lines "But don't try to tell the hard-core gold bugs that they remain fixated with the idea that paper money is just a passing fashion. Besides, they'll be too busy celebrating because I've mocked their golden calf again."

I'll dismiss any counter-arguments before they're made because they will simply come from crazy "gold-bugs" and I recognise that I am a contrarian indicator :)
 
That was actually quite restrained... he conceeded quite a bit in there.

eg. it was a great run up to $1800 and he was wrong about gold's appeal back then.

He also linked the POG to currency debasement (and the effect of ETF's).

I wonder if he's recognised that currency printing has increased? :) He mentioned that he believed that when the currency printing stops gold's bubble will pop. I wonder when the printing will end? ;)
 
He fails to mention that if the US economy ever recovers, the US bond bubble will burst and the US economy will sink into oblivion.
I'll stick with my PMs.
 
IMHO, There's no way it could be profitable to explore, mine & refine gold today for even $5000/oz... let alone $1500-2000/oz!
 
I have shares in a start up that said that they plan to make around $700 profit per ounce if the gold price is at $1400 an ounce. But that was three months ago and the share price has dropped maybe I should sell and redirect the funds into PM
 
Gotta love the Monday morning coaching from the likes of Pascoe. He makes mention that over the past 20 months you'd have done better to be in high yielding bank stock than gold. And with hindsight that's great, also if I had bet on red on roulette 4 times in a row last week at the casino I would have been a millionaire.

These finance gurus always say "if you had have invested X on date Y then today you would have $Z". That's all well and good if you can pick the bottom and tops of markets. If Pascoe & Co could pick date Y then they would be richer than Warren Buffet but hey, they aint so whats that tell us?

And his criticism of gold not paying any dividend or interest....... hey wait a minute, dont most stocks on the ASX not pay a dividend? I think the largest one BHP pays like 1% if you are lucky and nearly all commodity based stocks dont pay dividends.

Usual tripe from sideline critics in the cheap seats - seen it before will see it again.
 
that is why the disclaimer from every financial planner

Past performance is not a future and indicative results.

Beware !!!
 
Matthew 26:14 said:
And his criticism of gold not paying any dividend or interest....... hey wait a minute, dont most stocks on the ASX not pay a dividend?
Click to expand...

Seriously?!? That would be an awesome point (i.e. fact bomb) to drop into casual conversation.

Is there anywhere I can check though? My google search just kept throwing up articles on "the best ASX dividend payers etc"
 
^ You will find that in the ASX50 most will pay a dividend, then in the ASX100 about half, then ASX200 some will pay a dividend and by the time you get to the All Ords index only a few will pay.

As for finding a table of it, not sure, good luck hunting !
 
Clawhammer said:
Seriously?!? That would be an awesome point (i.e. fact bomb) to drop into casual conversation.

Is there anywhere I can check though? My google search just kept throwing up articles on "the best ASX dividend payers etc"
Click to expand...

Just grab any newspaper and look at the share listing pages and go down the dividend yield column

you will find it is miners/explorers mostly that don't pay dividends - most industrials of any size do
 
"There are unkind gold bugs about who believe every time I write something negative about their favourite metal, its price subsequently rallies, so time to throw them a bone: "

Thanks Michael for your well timed comments, the rally has just begun again!! :D :D :D :D
 
Disturbing that by market cap 4 of the biggest 5 companies in Australia are banks.

1. Commonwealth Bank Australia
2. BHP Billiton Ltd
3. Westpac Banking Corp
4. ANZ Banking Group
5. National Australia Bank Ltd
 
Matthew 26:14 said:
Disturbing that by market cap 4 of the biggest 5 companies in Australia are banks.
Click to expand...

Even more disturbing is that they are not even selling at high PE ratios which just shows what massive amounts of money the banks are screwing out of the population
 
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