Friday, August 17, 2007

Gold mining stocks down 23pc – correcting nicely

Silver and Gold Update

For anyone who wants to preserve their savings when the world's central banks start slashing IRs later this year, gold stocks are a good, if not the only option. Don't buy just yet, but after this 20-25% crash has bottomed. GBP will fall quite sharply over the next year or 2. There is no point buying a house until 2010-2011 anyway - we all know that in our hearts. I am hoping that gold will peak (somewhere near the stratosphere) when HPC bottoms around 2011-2012 then its off to buy that Huf House in the Cotswolds and retire.

Posted by sold 2 rent 1 @ 10:31 AM (783 views)
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3 thoughts on “Gold mining stocks down 23pc – correcting nicely

  • dohousescrashinthewoods says:

    Gold usually goes down initially as people sell it to cover other losses and calls?

    It would be nice to think that stepping into gold in about a year and then sitting quietly until 2011 would do the trick. Then buy up a couple of streets’ worth of houses over the next decade or two and ride the next housing boom thanks to a new generation of “born yesterdays” who won’t remember this crash. Others won’t be in a position to do it because they will still be paying off debts from the current boom.

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  • sold 2 rent 1 says:


    If there is a depression and I think there will be one, then the UK will not be returning to a consumer-lead debt-fuelled society once the hard times are over.

    If there is a “purpose” to a depression then it is to destroy debt and convert a consumer-lead economy to an investment-lead one.
    Globalisation says we cannot go back to the ways of the last 25 years (living on debt). We will emerge from the hardship in a very cautious manner like we saw in the 1950s.

    China, India et al, on the other hand, will emerge from their crashes in the opposote direction. Their economies will be setup for a consumer-lead debt-fuelled boom.

    So if there is any “street buying” to be done – China/India are my preferred countries.

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