DJIA down 201
DJIA down 201
We’ll be OK, Blam. Keep the faith. :)
Gold is not an investment. It’s an indictment.
My general rule of thumb is that, when my barber starts talking investing in something, it is time to get out... from baseball cards to dot coms to investment banking. He was starting to invest in real estate in 2007 and it busted in 2008. About 3 months ago, he started talking about his gold investments. I give it 9 months before the bottom falls out.
IMO, what’s really sick is the mindset of folks that would trade anything they value for federal reserve “notes”, given the speed at which they’re being printed. Old habits die hard but time fixes everything.
Still preaching I see.
It`s still not a bubble. Something is going on that will explain the drop.
If it were a bubble popping then so would the gold stocks. But the companies that dig up the gold have not seen their stock prices sky rocket yet.
Could be a good buying opportunity.
Gee, you mean gold can lose value, just like everything else? That’s not what the guys on the gold commercials keep telling me.
Double Top?
Less than 7% off an all-time record high is hardly even a decent buying opportunity.
Of course, anyone who thinks they should have some precious metals should buy gradually over time, and now is a perfectly excellent time to start (or continue).
I suggest silver and platinum as slightly more attractive right now than gold.
I’ve been scanning the news this morning trying to identify the reason for the drop, but haven’t found anything yet, have you?
As I’ve been saying, gold will crash when Obama withdraws from the 2012 race. Perhaps the market is already beginning to predict that.
I’ve been investing in lead.
Gold is dropping because the US Dollar is soaring.
The U.S. Dollar is strong because the Euro is in serious trouble - about to collapse in the opinion of many. Over $1.2 trillion was converted from Euros into Dollars and flew across the Atlantic this weekend alone.
Could be a good buying opportunity.
Dollar fundamentals are terrible!
Try to amortize the U.S. debt using current tax receipts (can't be done). Try to figure out how much Congress would have to cut spending to bring deficit spending under control - about 65% at last count (can't be done). Look at increases in M2 and M3 (breathtaking to say the least). Look at U.S. financial ratios for debt to GDP, debt to tax receipts, etc. (worse than Latin American economies that collapsed into hyperinflation). Then pick up an economic history text and see what has happened to countries in our predicament (it's ugly ... real ugly).
Translating the inflation adjusted price of gold in much milder economic circumstances to today's dollars yields a price in the $3,000 to $5,000 range depending on index used. Calculating the value of gold based on its worth as a U.S. currency substitute for the U.S. Dollar yields a price in the range of $12,000 to $50,000 based on the extent to which it replaces fiat. The same applied to replacement as a world currency yields a price from $75,000 to $500,000 per ounce.
I suggest silver and platinum as slightly more attractive right now than gold.
Platinum, no. It's an industrial metal and the world economy is on the verge of collapse.
Silver, hell yes! It is both a precious and industrial metal and its fundamentals are even better than gold's.
Maybe sovereigns are selling off gold to pay off some fiat debt obligations?
Most are heavily buying at the present time in anticipation of the dollar and euro collapses.
Euro Down due to Greek Default pending
Investors flee to US Dollars
Gold as it relates to Dollar is down
Why is anyone surprised????????
FDR closed the gold mines in 1942 by executive order (miners could be better utilized to mine copper). Maybe someone in the administration has been talking out of school. Plus, the enviros would love it (no more open pits or cyanide leaching).
I'd say 28% is a pretty good return.
Here’s to hoping oil catches Ebola.
Looks like a buying opportunity to me. I guess it is all in how we look at it.
Gold looking like a huge Christmas Present coming!
Finally a guaranteed buy coming.