What do you call a geologist in safari suit? A liar! Just a little joke I heard recently - which I guess is a bit funnier if you work in the resources sector.
But it made me smile because I have always been a bit of a sceptic about gold and, as any fund manager running gold, commodities or resources funds will tell you, they are always coming across the equivalent of the geologist in the safari suit. I am a sceptic because it is easier to see the attraction of gold at $1,200 an ounce than it was when it was $300 an ounce, which is not that long ago. In other words, any mug can buy an asset when everyone has piled into it. The gold debate has many echoes of the arguments about TMT stocks a decade ago, when they were on multi-digit P/Es and a...
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