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October 19, 2005

Not too many answers today on gold, Wed., Oct. 19, 2005, 3:15 PM

I have returned from my meeting. I'll have more on that later.

When I walked into the restaurant, I saw a slew of old friends in a front area reception, and I wondered what was up. It was the Toronto Stockbrokers Club meeting, with a reception line. I haven't been to one of those for years, but I probably knew half the people in the room.

I mentioned to the head of the Club that I had made luncheon plans there with a VIP, and he replied, Not in my restaurant. I bought this place for the day. But of course you're welcome to come in as my guest."

Before I could meet my other contact who was standing at the front door, I ran into an old friend who used to be one of Canada's best-known gold analysts. So what else could I do but ask: What's happening to gold?"

His answer was: (i) "Shave the grey beard", and (ii) "I'm retired now, but did you know I never liked covering gold as an analyst?"

Nobody, it seems, likes to talk about gold if the price is weak.

But I've been on two mining trips with this man, covering most of Canada, and I've attended countless mining meetings at his side. I wanted to crash the party, but I could see my contact person was waiting at the door.

So we went down the street, and took a table, next to (our surprise) the former Prime Minister of Canada. He was dining with a well-known Cdn billionaire, a name every financial person in the country would know.

But I couldn't reach over to ask what their thoughts were on gold. Anyway, I probably would have got the same answer as the one from my gold analyst friend.

For lunch I avoided chicken (for obvious reasons), and eggs. As for the latter, I already have enough on my face today. The Dow is now up +82 points. I have a lot of work ahead of me to flatten the day, and I've got only 45 minutes. :-)

Posted by Posted by Bill Cara on October 19, 2005 03:17:33 PM | Category: Yada yada