abx apr 2011 abx june 2011

On the left is what we expected to do, just at the time when our most prominent investment firm put the stock on its focus list. On the right is what actually has happened so far. Somewhere in the Atlantic ocean there used to be a tribe that used very large stones as currency. So large that they formed part of the real estate in the front yard.Ownership was transferred by verbal agreement. Gold works much the same, it has little intrinsic value (just like fiat money) and would be utterly useless without  faith.

So I am not that hot on gold one way or another but ABX might just be a buy at these levels, at least for a solid bounce if not more.