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ishay zahavi



Member since June 10, 2013

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    “There are no rules here, we’re trying to accomplish something.” — Thomas A. Edison (1847 - 1931).

    How did Edison know?

    Sometimes we get lucky. I’ve had a boatload of lucky times. They were fleeting, but nuggets of wisdom and information were there. It’s up to us to separate fool’s gold from the precious metal, and real facts from smoke.

    A most vivid memory goes back to the early 1970s. The giant was Milton Friedman — shortly after he won the Nobel in economics. It was just after U.S. citizens could legally own gold again. At a private reception, after Friedman spoke to several hundred, someone asked him about gold. The metal had made a large run and was trading at about $200 an ounce.

    Friedman said that he did not follow gold, but had made a few estimates based upon inflation, and he thought $110 an ounce was a proper level for that time.

    A few months later gold fell to $104. Wow. He did not claim expertise, but nailed it. Isn’t humility from a Nobel winner neat to see in action?

    When gold hit $800 an ounce in 1980 (just seven to eight years later), thanks to Friedman, I knew it was too high. I did not sell my silver coins, but did sell my gold stocks. We must each ask ourselves; “What’s our blind spot?”

    How does the Friedman $110 an ounce translate to today — some 40 years later? Using an inflation rate of about 6 to 7 percent and compounding annually, my slide rule says a $1,350 and $1,650 an ounce ballpark is about right.

    Now we endure ch...

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    May 28 (Reuters) – South Africa may take unspecified “interventions” in the gold and platinum sectors as part of a state plan to maintain the viability of the industries, mines minister Susan Shabangu said on Tuesday.

    “I have directed my officials to urgently explore all available avenues and develop a rescue plan,” she said in a speech to parliament.

    There would be a “particular focus on both supply and demand-side interventions,” she said.

    The world’s top platinum producers, South Africa and Russia, agreed to attempt to cope with excess supplies of the metal through a memorandum of understanding signed in March during the BRICS emerging market powers meeting in Durban.

    Shabangu gave no other details as to what the interventions might involve.

    However, concerns about job cuts would likely prevent Pretoria from radically manipulating the platinum supply.

    Anglo American Platinum, seeking to restore profits after falling into loss last year, had to back down from an initial target of 14,000 job cuts in the face of stiff resistance from unions, the government and the ruling African National Congress (ANC).

    Spot platinum on Tuesday fetched $1,442.75 an ounce, down over 35 percent from a record high of $2,240 hit in March 2008. Bullion’s price is down nearly 18 percent to date this year.

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Tana Goldfields United Kingdom

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My Interests

  • Industrial Design
  • Environmental Design
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  • Fashion Design
  • Audio/Visual Design