Mario Goveia wrote:
>
> Is this why you continue to DENY that your
> explanations of gold prices and how you picked the
> lowest price of gold, make no sense?:-))? I suggest
> you cross that very high hurdle you have made for
> yourself:-))? Or, if you prefer, "stop digging":-))
>
Date: Tue, 26 Aug 2008 12:35:07 -0700 (PDT)
From: Mervyn Lobo <[EMAIL PROTECTED]>
>
Mario,
I had to stop reading here.
The reasons for me?buying gold?(close to its?lowest
point) are well documented on this and other websites.
I can provide you the links if you want. I bought
gold?when the price was low. Is this difficult to
accept?
>
Mario responds:
>
Let's get something straight. If you are making lots
of money from buying gold instead of winning
lotteries, all power to you. My problem is with what
you write on Goanet and your shifting explanations of
how you picked the low point of gold prices in the
late 1990s.
>
These explanations include, a) you used price charts
that were made in 2008, b) you bought gold because
central bankers were selling gold and you knew they
are all idiots, and c) you work very hard as proven by
your claim that you caught more lobsters as a youth in
Africa than anyone else.
>
None of these explanations made sense. You can't pick
a price in 1998 from a chart in 2008. Besides, when
central bankers sell gold the price goes down, which
it did not from the $280 level it was around from
about 1996 to 2001. Gold prices had declined steadily
for about ten years before that period and have risen
steadily thereafter until recently.
>
Mervyn wrote:
>
Secondly,?I am still digging for gold :-)
>
Mario responds:
>
The hole you need to stop digging concerns your
explanations of why you do what you do.
>
I hope you bought lots of gold at $1,000 like some of
your friends did while thanking you for your
"recommendation".
>
Mervyn wrote:
>
As for US?inflation,?Fox News?is?reporting it?at a 27
year high. If you do not want to believe the same,
pour yourself a cup of er, tea and write to
Fox?expressing your anguish. No one else on Goanet
doubts the 27 year high.
>
Mario responds:
>
As you often do with posts you respond to, you
apparently stopped reading the Fox News article after
the first paragraph.
>
I actually read the article and understand that the
Fox News reporter had written about producer prices or
wholesale prices, not consumer prices.
>
Unfortunately for your argument, official inflation
figures are based on the consumer price index, since
wholesale prices often do not make their way into
consumer prices, and some do over a longer period of
time.
>
The last official inflation rate for July was 5.7% per
annum, which is at a 17 year high for the US but low
by world standards.
>
"One person reads Fox News, the other understands Fox
News" - Mario Goveia, adapted from a quote by Ronald
Reagan.
>