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<DIV>Hello everybody</DIV>
<DIV> </DIV>
<DIV><FONT color=#000000>I thought this would be interesting in light of recent
attn on Asian economies and gold:</FONT></DIV>
<DIV> </DIV>
<DIV><FONT color=#000000>Looks like the Indian retail consumer snapped up gold
in 1997 taking advantage of lower prices and easier availability... Indians like
to hoard gold as the ultimate store of value: Protection against stock markets,
political events and rupee exchange rates. </FONT></DIV>
<DIV><FONT color=#000000></FONT> </DIV>
<DIV><FONT color=#000000>Consumption is normally in the form of jewelry mfg. and
virtually no industrial consumption.</FONT></DIV>
<DIV><FONT color=#000000></FONT> </DIV>
<DIV>For perspective:</DIV>
<DIV> </DIV>
<DIV>- India is a top 5 market for world gold; still has controls on currency
and gold import/production but no controls on private ownership. </DIV>
<DIV>- 4-5 years ago the then govt. marginally opened the doors to official
retail imports (which was dominated by smuggled gold from the Middle
East).</DIV>
<DIV> </DIV>
<DIV>- In the article below, you'll find use of the word "official" -
the total off-the-books market is estimated to be about half the official GDP
size (1997 GDP = approx $300 billion); mostly made up of unreported and
therefore untaxed gold, currency, real estate and stock market
transactions. </DIV>
<DIV> </DIV>
<DIV>- During the past 4 years, the Rupee has been controlled-devalued (25%
since 1992), real estate market imploded (down about 60% from its peak in 1994),
the stock market is recovering from a 2 year bear market (which took prices down
about 50%, peak to trough - and then they are up about 40% from trough set late
1995) - and gold prices track international spot prices.</DIV>
<DIV> </DIV>
<DIV><FONT color=#000000>- Meantime, the economy grew at 6%pa and inflation
stayed flat between 5% and 6%. India did see I think 3 govts in the past 5 years
- and is about to elect another.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT color=#000000>Regards</FONT></DIV>
<DIV><FONT color=#000000></FONT>Gitanshu</DIV>
<DIV> </DIV>
<DIV> </DIV>
<DIV> </DIV>
<DIV> Indians' penchant for acquiring gold has not been
deterred by the<BR> depressed economy or the happenings in the Asian
markets. This is<BR> amply indicated in the Gold Demand Trend, a
quarterly report released<BR> by the World Gold Council, which
states that India consumed a record<BR> 737 tonnes in 1997, an
increase of 229 tonnes or 45 per cent over the<BR> previous year.
During 1997, the country saw lower domestic gold prices<BR> largely
due to downtrend in international prices as also the narrowing<BR>
of the domestic price premium versus the international price from
15<BR> per cent to nine per cent in December. Other reasons were the
easy<BR> availability of official foreign exchange, scrapping of the
special<BR> import licenses and the intensified competition among
supplying banks.<BR> Official imports during the year went up by 88
per cent to 526.5<BR> tonnes from 279.8 tonnes in 1996. This
increase is attributed to the<BR> Government's gold market
deregulation measures. From January 1, 1997,<BR> NRIs were permitted
to bring 10 kg of gold every six months, twice the<BR> previous
quantum. Gold brought in through this route increased by 56<BR> per
cent to 397.7 tonnes.<BR></DIV></BODY></HTML>
</x-html>From ???@??? Fri Feb 27 09:55:46 1998
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Date: Fri, 27 Feb 1998 10:30:01 -0700
Reply-To: brente@xxxxxxxxxxxx
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From: "BrentinUtahsDixie" <brente@xxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Subject: Re: Promoters
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Status:
Patrick and RT's,
Like Gold and Silver in the seventies and real estate in the eighties the
latest "hot item" to sell people is the investment advisory and
newsletter service. All the hucksters are jumping on board. This is the
great "confidence racket" of all confidence rackets, associated with the
“biggest game in town” of all.
To quote myself(and others), "Knowledge is a funny commodity. It is given
away freely but it can also cost millions". I've vented my frustration with
vendors before, myself. Frustration is the seed of our discontent. What to
trust or believe about what from whom? We certainly wouldn't be too happy
if no help, no resources, and no advice were available out there. The
frustration for many traders I believe, stems from the "sell", I mean the
way we are introduced to trading. We are told that it is soo... simple,
just pick a trend, a bottom or a breakout and hop on. And it appears that
simple. Unfortunately, even the careful among us find that we are making a
little and losing a lot as we trade.
Poorly quoting the bible, "we are all given different talents". I myself
have often thought that I seem to be a better analyst then a trader. I know
that with the right credentials there is work for good analysts, but at my
point in life it's not appealing to go that route. I have, however; though
of selling my "pearls" to those that could make use of them. Which wold
make me one of those “evil” vendors. I've heard that vendors get frustrated
by those that make poor use of their “pearls” and blame the vendor for
their own poor performance.
There seems to be no end to the "things" to base a trade on. If there is
an answer to all of this, I believe it comes back to responsibility. It is
your responsibility to dig until you know the value of the information you
are getting. Don't blame a huckster for taking you if you haven't done your
homework. Get over being gullible!
Warm Regards,
Brent
----------
> Generally I try to stay out of discussions of this nature, as it oft
> seems to be a chicken-and-egg question. I'll give it a shot one time.
> Perhaps my reasoning has a flaw I would like to know about.
>
> Many people read books, buy newsletters, and attend seminars to
> understand trading concepts. The presumption that these people would not
> be selling information that was worthwhile ( because, as you say "if
> your software or system or book is soooo good, why aren't you so wealthy
> you don't give a
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