The Phaserl


HUI – No Buyers

from Dan Norcini:

The rate of descent in the mining shares is remarkable. Rarely does one witness a collapse of this magnitude and severity without some sort of period of consolidation. It speaks to me like a final washout is underway, even of the most die-hard, long term bulls.

In a period of only 9 months, the index has lost 60% of its value. As stated before, the damage inflicted on the owners of these shares, both financially and psychologically, has just about guaranteed that the vast majority of those who bought them as a hedge against expected inflation will never again in their lifetime come back as buyers in this sector. If they do come back to gold, it will be the ETF, GLD, or some other entity but it will not be mining shares unless management makes it attractive through dividends or some other novel method to own them.

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2 comments to HUI – No Buyers

  • mac

    Doug Casey, Rob McEwen, Eric Sprott are all today recommending gold shares!!!
    Ok,, the best of the best are buying more, in the junior gold sector, not the majors. Ok?

    That also is what Soros showed be was buying a few monthe ago, too.

    These stocks have NEVER been so cheap. Wait and buy higher? Whatever, all the leasons of the market stand staring at you in the face….

  • NaySayer

    All paper assets are suspect. I wouldn’t touch a mining share, anyway after the economic collapse you know all those mines are going to be nationalized to recapitalize the governments and probably their best friends, the banksters and war profiteers.

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