RE:RE:RE:RE:RE:RE:Range bound
braindeadoldguy wrote: Mega, I don't see anything new here. Did you forget to add some thoughts?
Cheers
Yeah I'm not sure what I did with that post. It got mixed up in your post somehow. Lol Here it is again below. Just talk about the big picture. Nothing earth shatter.
Nobody responded to my comment about about the oil embargo in the 1970's. Most would be surprised to know the oil embargo only last 6 months from late 1973 to the spring of 1974. This is when it all started. Inflation steadily climbed from there and of course there was the big blow off years later in 1979 and 1980 when oil production dropped significantly in Iran (Iran revolution) and Iraq that saw oil up around $40 a barrel and gold hit $850 an ounce.
It takes years and years to get global economies messed up like it is today. And for anyone wanting to shutdown oil production and move to electrification with electric cars, solar and wind power well this is only a taste of what is to come. The cost of living will soar to levels not sustainable to most families in North America. Clean technology comes at a high price. You will have huge inflation for years and years regardless of what happens in the Ukraine going forward. It certainly didn't help things and I suspect there is only a $100 premium built into the price of gold because of the war in Ukraine. Inflation was already set deep in global economies as commodity prices will just keep going higher driving the cost of everything higher. There is a reason the world was using coal to produce electricity the past 150 years. It is Cheap. The world does need to stop using coal and it should be replaced with natural gas that is much cleaner and still relatively cheap. All of these decisions will affect longer term global inflation and the long term price of gold.
I hate to say it but the majority of people on this planet live in some sort of La La land (fantasy land) and are not living in the real world and have no idea how the modern industrialized global economies operate. You can't flick a switch and change things. You are talking about decades to make these changes and it has huge implications on the cost of everything in our society.
The price of gold will be going much higher in the years ahead. Inflation is here to stay. So anyone who sits on a lot of gold in mining friendly jurisdictions (Notice Kinross just sold their Russian assets) should see their valuations go way up. I would think any major gold company looking at New Found Gold must be licking their lips. The company sits on 100 plus kms of favourable geology that has been confirmed with multiple deposits of extremely high grade gold with serious exploration only ongoing for 18 months. It doesn't take an Einstein to figure out that this discovery by NFG is a rare and very valuable gold discovery. Continue to buy NFG when you can and there will be some sort of trigger event that sends it soaring. My guess is it will be sooner rather than later.