自社株買い
5713別子は自社株買いを発表。買ってみた。5706三井金属も買ってみた。NYに上場しているランドゴールドが昨夜は2%強の上昇。これをみて強気で産金株を買った。http://finance.yahoo.com/q?s=GOLD 興味深い。↓More on Gold and the Reflation of Assets http://www.marketoracle.co.uk/Article7405.htmlAlso consider George Soros' recent proposal for a new monetary system involving the Special Drawing Rights, or SDRs, at the IMF: Currencies would be devalued ... then repegged to each other and to SDRs ... and then SDRs would be circulated as an international currency. For Soros' proposal to work, though, it's my opinion that gold would have to play some sort of role. Given the importance of all this and the high probability that some tinkering by the G-20 is already in the works, I'd like to elaborate a bit more on the subject, and then answer some questions I've received. Point #1: It's simple: If current efforts to prevent a debt-deflationary spiral and depression won't be effective, central banks and governments around the world have the ability to change the rules of the game. Or as I put it in last week's Money and Markets column, " if they can't print money fast enough, they can resort to changing the value of the money (devaluing)." History is squarely on my side here. I've already explained to you how Roosevelt did it. But now take a look at other historical precedents in the table I have for you today. It proves, unequivocally, that devaluations work, and that devaluations can occur simultaneously across countries. How the Gold Standard and Currency Devaluations Affected Different Countries During the Great Depression Country Left Gold Standard (MM/YY) Devalued Currency (MM/YY) Industrial Production Bottomed Australia 12/29 3/30 1930 New Zealand 9/31 4/30 1930 Austria 4/33 9/31 1931 Finland 10/31 10/31 1931 Japan 12/31 12/31 1931 Norway 9/31 9/31 1931 UK 9/31 9/31 1931 Sweden 9/31 9/31 1932 Canada 10/31 9/31 1932 Denmark 9/31 9/31 1932 Greece 4/32 4/32 1932 U.S. 3/33 4/33 1932 France - 10/36 1935 Netherlands - 10/36 1935 Czech - 2/34 1935 Poland - 10/36 1935 Belgium - 3/35 1936 Italy - 10/36 1936 Note the 12 countries that either came completely off the gold standard or devalued their currencies by 1933 (via raising the price of gold): All of them came out of the Depression almost immediately. Point #2: For multiple currencies to be simultaneously devalued to help reflate assets, a benchmark must become part of the system. My view: Ironically, after years of panning it, leasing it, loaning it out, and even selling it - gold will have to play some sort of role in the new monetary system (although as I noted last week, it need not be confiscated). Point #3: Gold, whether it's directly or indirectly part of a new monetary system or not - is extremely undervalued. At its current price of about $735, in today's dollars gold is 67% cheaper than it was in 1980. For gold to reach its 1980 high in today's dollars, it would have to trade at $2,270 an ounce. And as I pointed out last week, if there's even the slightest role for gold in a new monetary system, it can trade even higher - I figure as high as $5,100 an ounce, which would be the equivalent of monetizing about 10% of the massive $53 trillion of debts in the U.S.