Posted on 09/10/2008 1:19:28 PM PDT by Perdogg
Gold futures ended at their lowest level in nearly 11 months Wednesday as the U.S. dollar strengthened, losing ground for an eighth straight session and tying a seven-year record for a string of losses. Gold for December delivery fell $29.50, or 3.7%, to $762.50 an ounce on the Comex division of the New York Mercantile Exchange, the lowest closing level since Oct. 24, 2007. Gold futures also dropped for eight straight sessions in August, the longest losing streak since May 2001. It ended August's trading down nearly $90, the biggest monthly loss ever in dollar terms. Sector sentiment is very bearish, said Mark O'Byrne, executive director at Gold & Silver Investments. "Markets tend to 'trend' in any given direction for longer than participants expect," he said. Gold is now 24% below the all-time high above $1,000 an ounce hit in March. See Mark Hulbert's column.
(Excerpt) Read more at marketwatch.com ...
as were many others hawking gold
Gold looks like a good buy. Silver even better.
The price of a nice suit has dropped by 24% since March. Interesting.
I thought gold was the only real money, and that the US was now bankrupt after taking over Fannie and Freddie.
Does this mean we should keep buying? Those liberian 9 /11 dollars are looking like a good investment too.
As per your tag line - I won’t forget. Hence why I own some gold. Not as an investment but as a disaster fund. (Although at $190/oz it still has been a decent investment).
The S&P 500 is only off 22% from the 52 week high.
Physical metals as an "insurance policy", precious metal stocks as either additional insurance (writing covered calls as hedges) or as trading vehicles if you are so inclined!
As the debt obligations of the US (and all other Nations to varying degrees)... mushroom..., few holdings maintain their value over long periods of time (without much attention or maintenance)!
on the surface I understand why gold might be useful. if our economy fails we’ll no longer need to worry about it. We’ll be using Chinese, Russian or Arab money.
Gold is still a good deal, but we need to be back on the GOLD STANDARD!!!
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