James Turk: Housing bubble may be popping

Section:

World Gold Council Off the Mark

By Jim Sinclair
Wednesday, May 26, 2004

http://www.jsmineset.com/home.asp

I don't wish to stick a pin in the bright idea of the
World Gold Council, which is financed by the leading
gold-producing companies, but would someone please
tell these golden academics that gold is a currency?

It trades in lock step with the dollar in the inverse and
will continue to follow this pattern. To focus on gold's
role in the manufacture of jewelry is an insult to the
nature of gold over the centuries. Since the World
Gold Council is the representative of gold-producing
companies, this insult is even more egregious.

I have long felt that the people who least understand
what the gold market is made of are just those people
who dig it out of the ground. This is further proof of
the supposition that major gold-producing companies
are just junior exploration and development companies
that got lucky. The second difference is the size of
their insider option programs. But there is no difference
in their openmindedness; few have any.

I suggest that you write to World Gold Council
Chairman Chris Thompson, who is also chairman
of Gold Fields of South Africa (www.goldfields.co.za),
suggesting that the council make an effort to educate
the Chinese public on the five fundamentals of a
long-term bull market in gold are. This effort would
honor gold as a currency and do much more for
gold than schmoozing the Chinese jewelers, whose
gold demand will react only to the lack thereof in the
Chinese and general world economy.

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