SocGen: Gold Is Going To Tank To $1,375 This Year

TBI ^ | 3-21-2013 | Mamta Badkar

[bert]

I'll take this thread and the correlation chart to come clean and admit in public, on Free Republic, that I erred. Not a great sin,nor a grievous error, but an error of prediction non the less.

Some time last year I took the Kittco ten year chart, Printed it out, made a nice big copy and extended the trend line to where the price of gold in US$ was $2,000. That event was to happen in about July 2012 as I recall. It did not happen.

As you can see, the trend line slope diminished and thus did not realize the projected gain.

If you bought gold following my advice and projection....... sorry

[Smokin' Joe]

Gold sitting in a vault doesn’t pay the bills or put food on the table, at some point, especially if everything else is going to crap economically, it will be sold.

I think there is a lot more paper sitting in vaults than physical gold out there. Having the title isn't the same as being behind the wheel.

[Smokin' Joe]

LOL! Do they take into account ‘SHTF’ might be coming? Do they take into account the dollar could become worthless?

Sure they do. The current stock rally is luring money out of the mattress, batting cleanup on the 401K debacle, trying to squeeze another quart out of the cash cow.

There are way more contracts for gold out there than physical gold to back them, so the more people can be persuaded to dump gold, the more likely that will come back into line (well, sorta).

The fewer people ready to engage in their own economy without being helpless, the less chaos will be created, and the more likely people won't just submit to whatever when the dollar tanks.