Prudence Is Never A Match For Greed

At the top everyone was touting the supposed wisdom of gold mining company executives, supposedly the industry's best, brightest, and most experienced people.

Consider that they were doing the wrong thing at the wrong time:  Gold Giants Shrink to Fit as Paulson Pushes Breakup

They were hedged at the lows, buying at the highs, and abandoning hedges at the top.  At the peak of a gold and silver boom of historic proportion it seems the only successful mining was done in the pockets of investors.  

Human nature is consistent, and prudence is never a match for greed. 

Recall at the peak of the tech boom, the real estate boom, and the uranium boom, to name but three in the past decade, all the scrambling to buy companies or properties at the highs.

That too is worth considering in light of the charts and statistics we've been presenting here the past several weeks.



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