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<p>[QUOTE=&quot;Cloudsweeper99, post: 824470, member: 3011&quot;]A value investor would look at the same data as you and conclude that gold has a high probability of being undervalued at $1100 since it has underperformed inflation for such a long period of time.&nbsp; But the real flaw in the analysis is the assumption that gold always has to be owned, and therefore should be evaluated on that basis.&nbsp; But the reality is that there is a time to own gold and a time to sell gold. </p><p><br /></p><p>The stock market went noplace from 1929 to the mid 1950s.&nbsp; Some people concluded that this meant stocks were no good.&nbsp; Others concluded that they were undervalued.&nbsp; The stock market broke 1000 in the mid 1960s, and was 1000 in [I think] late 1982.&nbsp; Business Week concluded in a famous cover story that &quot;stocks are dead,&quot; just when they began a historic bull market.&nbsp; So it isn&#039;t enough to possess the data, you also have to know what it means.[/QUOTE]</p><p><br /></p>

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