U.S. Rally is Doomed, Gold Will Hit $5000

Yahoo ^ | September 24, 2009 | Aaron Task

[blam]

China Buys Gold That The IMF And Others Are Selling… (update)

[blam]

US May Face 'Armageddon' If China, Japan Don't Buy Debt ( 15-20% Inflation )

[Danae]

Well. There goes the US dollar. Only thing that gives me hope is this, if the dollar devalues too much it will make out China debt worthless. Bawahahaha Thats would almost be funny if it weren’t for other certain other side effects, like beggaring Americans.... /wrist. There never is a win for the little guy with Democrats in power.

[cherry]

"Invest in salt. :->"

don't laugh...I'm not rich enough to afford gold but I did buy 150# of sugar recently....and salt?....well, I've got at least 10 #...lol

[JasonC]

It is utter horsepucky. He is merely engaged in a screaming match and thinks the more insane he sounds the more people will hear him. It is absurd.

[DManA]

It is certain China is accumulating gold. But as I said they own a lot of gold mines. No one knows if the Chinese are buying on the open markets.

[Silver Persian]

Gold and silver BOTH are dropping like rocks... 7:49 Pacific time and both are going straight down on the charts. What the heck is going on?

Probably because they've risen just as fast over the last month. It's a very volatile market.

[Silver Persian]

Can you recommend some foreign-market ETFs? (Not the foreign currency ones - I have some of those.)

[Silver Persian]

If the GOP makes significant progress in getting back House seats in 2010, and many polls point to that at this time, Mr. Obama’s high spending, socialist ways will be over soon

From your keyboard to God's ears...

[GregoryFul]

You're thinking much too short term: Gold thru the decade

[GregoryFul]

EWZ - Brazil
FXI - China
EWA - Australia

Quite volatile, and if world dives into depression, none will do well.

[politicket]

Schiff is completely wrong on this.

Gold will sink below $800/oz. well before it ever sees even $1,200.

Peter is not seeing the tremendous amount of credit destruction going on with the other side of our economy's ledger.

The amount of new debt being created by the Federal government pales in comparison.

Deflation is here to stay for quite some time - and it will most likely be severe.

[GregoryFul]

Even with gold at $1k, and gold from $250 to $1k, gold was never “the thing to buy”. There hasn’t been a mania, a bubble, or anything of the sort. Conventional wisdom throughout this entire period has not been to buy gold.

Gold at $800 in 1980 was a panic, it ran down later to $250. Silver also bubbled, as the ill-fated Hunt brothers tried to corner the market - went to $50 an ounce, then collapsed, as gobs of silver turned out of the woodwork, so to speak - zillions of people lined up to turn their silverware, candelabras, baby rattles, silver what have you's into $s.

It would have been a great time to buy 30 year treasuries then, getting up to about an 18% yield. But who knew?

[truthfreedom]

Oh, yeah, sure. A panic, a bubble. I’m not sure that we’re in disagreement. Gold could hit $5,000 an ounce, Dow at 5000, Silver at $200 an ounce.

I wouldn’t expect that Gold and Silver would stay at their highs for very long.

But I definitely wouldn’t rule out a mania, bubble or panic which drives up gold and silver really high for a short amount of time.