Agoracom

Today, 8/8/08

I just have never seen so much pessimism for so many wrong reasons. Plus, if gold doesn't reverse off of $850 today we're in more trouble than we know. So, I will lay it out there in writing that today is capitulation.

YRI still a screaming bargain here and we all know it. I've accumulated at these levels nervously for reasons beyond simply Yamana Gold themselves - mainly that who knows where this all goes. Clearly there are funds being liquidated that were leveraged, and that hasn't hit the wires yet. But, that will lead to money being printed which should in theory help gold out. The deal with Kinross had some effect on my positions as well.

Who else is sick of not rallying with gold, but participating in all the downside when gold goes down? Ugh? feel like capitulation to anyone else?! Best of luck!