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自社株買い

カテゴリ：株

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.html

Also 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

1931

Japan

12/31

1931

Norway

9/31

1931

9/31

1931

Sweden

9/31

1932

Canada

10/31

9/31

1932

Denmark

9/31

1932

Greece

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.