Reversal of Fortune

Filed in BP, euro, Gold, Gold Market, lead, o, target by on January 5, 2011 0 Comments

You know we just don’t recognize the most significant moments of our lives while they’re happening. Back then I thought, well, there’ll be other days. I didn’t realize that that was the only day. — Archibald “Moonlight” Graham, Field of Dreams “Watch out young fella, it’s always the second person who gets hit,” said Junior, an old, grizzled, barrel-bellied Texas wildcatter who now spent his days recounting his legendary successes and failures at the only gas station in the town of Desdemona (which also doubled as the town’s only restaurant). “Huh?” I was bewildered. “Rattlesnakes, son. These fields are crawling with rattlers… some of the biggest in the state. As long as your body,” he said. He was right. I looked on the wall inside the restaurant, and there was an old picture — looked to be from the 1970s — of Junior holding up a dead rattle snake, easily six feet long. He continued, “Just remember, if you come across a rattler, the first guy usually startles the snake… And by the time it’s ready to strike, the lucky bastard is already out of range. But when the second poor son of a bitch comes along, the snake is ready for Freddie. Bang!” I nodded and thanked Junior for the inside tip. It was July 2005 in Desdemona, Texas, the southernmost tip of the Barnett Shale. I came with a group of investors looking to buy some parcels that hadn’t been snapped up by the biggies like XTO and Devon. Land in the Barnett was still relatively cheap, especially on…

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Reversal of Fortune

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