Posted on 09/19/2011 11:16:36 AM PDT by blam
Gold Still Looking Really Sick...
Joe Weisenthal
Sep. 19, 2011, 1:42 PM
It just keeps getting worse today, not benefiting from the aggressive nervous selling in every market around the world.
(Excerpt) Read more at businessinsider.com ...
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.
“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.”
So the moral of your tale is that your barber was late to real estate and early to gold?
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.
Maybe sovereigns are selling off gold to pay off some fiat debt obligations?
$70/ $1800 = 4%. It's not a great day, but 4% drop on something that is up a factor of 6 in a decade is hardly a disaster.
There has never been a time when Gold was worth nothing/
Yep, for those that have been buying over the last 10 years, it’s not even a blip in dollar terms.
There has never been a time when Gold was worth nothing/
Very well said. Every bit of gold bought by your average Joe is a vote of no confidence in 0bama specifically, and government in general.
I had something rather funny (funny after the fact) happen to me over the Labor Day weekend. We were visiting some relatives that consider themselves "enlightened because they are liberal" and we were discussing her new rangetop of all things. She was recommending that we check into an induction range, and I made a little comment about "I think we'll stick with gas". She blew a gasket and called me closed-minded. I kinda blew it off, but asked my wife later - what was that all about? My wife said "she knows what you think of 0bama, and when you say you preferred a gas stove, she knew that you preferred that because you think 0bama's going to take the country down and that electricity might be hard to come by." So, my preference of a gas stove over an electric was also an indictment.
You really need to listen to different gold commercials.
All I ever hear DO warn you to be prudent.
Kinda set on a hair trigger, ain't she, if she thought that was an indictment? LOL! Sounds more like buyer's remorse to me....political buyer's remorse, that is!
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