S.African gold shares pounded amid mining sell-off

[NVMojo]

See, someone is trying to save the weakening $$$$!!!

May 15, 2006

JOHANNESBURG (Reuters) - South African gold and platinum mining shares skidded as much as 7.7 percent on Monday, the biggest fall in 3-1/2 years, as metals prices and stock markets got pounded on fears about inflation and the dollar.

"Given how much they've run, one could expect some of this," said fund manager Mike Schroder at Old Mutual Asset Managers in Cape Town. "There's been a lot of volatility. Prices have risen a lot. To see a correction is normal."

The gold mining index -- which had surged 125 percent over the past 12 months at its peak on Friday -- fell 6.85 percent to 2,917.91 points by 1235 GMT. This compares to a 3.53 percent fall in the blue chip Top-40 index.

Mining companies were grouped at the top of the losers column among blue chips, with Gold Fields surrendering 7.4 percent to 148.10 rand, Anglo Platinum shedding 6.8 percent to 629 rand and AngloGold Ashanti falling 6.3 percent to 322.30 rand.

more...

http://za.today.reuters.com/news/NewsArticle.aspx?type=businessNews&storyID=2006-05-15T134945Z_01_BAN549782_RTRIDST_0_OZABS-MINERALS-SAFRICA-GOLD-SHARES-20060515.XML

[cliss]

1. Now whatever you do, DON'T

take out a mortgage loan on your house to buy gold. Someone actually suggested this on another thread.

Then, when you get these roller coaster corrections, you won't have to lay in bed at night, staring at the ceiling.

Gold will be on a roller coaster ride for quite a while. It will steadily go up as long as Einstein is in office, though.

[NVMojo]

2. we know, we live in Elko, Nevada. But our gold stocks are actually

doing well.

[cliss]

3. Yes, I think the vast majority of gold stocks

& gold mines should do well. I wonder how those "penny stocks", the wildcatter gold mines are doing.

I would say anything that involves metals, certain commodities like sugar, should do very well. Of course there will be ups and downs.

But we've got an Oversupply of people on Planet Earth, and an Undersupply of resources. = shortages.