Gold hits record high on debt fears and chance of more Fed stimulus

Gold is at $1882.00 up $56.00.

That's only $7.70 off of it's previous record close.



Looks like the calls for gold's demise were...once again...premature.

 

so much for the fools that kept saying "GOLD BUBBLE"

 

although I don't like Obama....look at the bright side.....if he wins a second term that almost guarantees another doubling in the price of gold

 

Frankly, unless Ron Paul wins...I think no matter who is elected will still muddle along making mistake after mistake until the economy finally gets SO bad that they have to throw up their hands and admit that the best thing the government can do to fix a recession is to do nothing at all (outside of balancing the budget and putting more money aside for the poor).

Then they (hopefully) will boot Bernanke out of the Fed and install someone who actually understands macro-economics.


The good side of me hopes they do it VERY soon.

The not-so-good side of me hopes they wait a while until gold/silver goes a lot higher and I make a lot more money.

 

well, according to Bernacke you still have two years to profit handsomely, and yes, if Ron Paul wins then its time to dump gold!

 

Agreed.

BTW - apparently Ron Paul's portfolio is VERY heavily weighted in gold/gold stocks/etc...and (no surprise) has done EXTREMELY WELL over the last 10 years.

At least that is what Peter Schiff said on his radio show...and he was Ron Paul's economic adviser during his 2008 Presidential campaign.

 

When it pops, suddenly all the gold bugs will skurry away and forget about all their wild predicitons.

Just like with gasoline and the collapse of the dollar, which is always just around the corner.

Pssst: gold is a commodity. It goes up and down due to unpredictable factors. If it were otherwise, every dollar in the world would be invested in it.

 

LOL I think I heard that episode of schiff radio.......he said that the worst performing stock Ron Paul had was up only 3 fold

 

your problem is you don't know what to look for when a boom is over or a bubble pops. In november 1999 as interest rates started rising I knew what was just around the corner.....and sure enough in March I think all hell broke loose and the tech bubble burst.....even in 1980.....who the heck would buy gold when interest rates hit 19% ? Only the ignorant Joes thats who......you see.....I do understand what I am talking about!

 

Psst ...name me another commodity besides precious metals that central banks hang on too?

 

Gold is $1899.30 - up $25.60.

Set to close at a new all-time high.


http://www.goldprice.org/gold-price-history.html

 

Looking forward to the 2,000 dollar mark

 

Ditto.

I just wish silver would pick it up a bit...I am considering changing my silver/gold ratio to a stronger gold makeup.

 

dont......this is the pattern I have seen for almost 10 years now.....silver goes up and gold lags for a few months...and then 6 months later its the other way around where gold goes up like crazy and silver barely budges! Just like what happened in april.

 

I will strongly consider your wiser words.

I am much less experienced then you at this roller coaster called 'precious metals'.

It's a great ride though...lol.

 

just keep buying on the dips when you have some spare dollars....for example right now is a good time to buy some silver

 

so then my pattern is correct? I was now looking at silver coins as silver is pretty quiet now

 

yes, silver is quiet now so a little silver wont hurt

 

Are you still hedging your positions against a market drop?

Don't you think you ought to let others whom you advise know that you are doing that?

Or do you only plan to disclose you've done that after there's a 30% drop in price?

 

gold yes....silver no......its too expensive to hedge everything.....and I dont expect a huge drop even in gold.....a couple ofhundred bucks at best

 

Imo, don't listen to anyone who says you owe them advice - you owe no one, anything.

If you want to give advice - great.

If you don't - that's fine too.

We are not paying you for your advice - so you owe us nothing.

Although I greatly value your economic opinion (and at least one other on here on economics), there is no way in heck I am EVER doing a financial move just because some guy on a chat forum says I should. I would have to be ridiculously naive.

If Peter Schiff, Marc Faber and Jim Rogers (three economists whom I greatly respect) all sent me emails personally suggesting I do something that I strongly do not agree with - I still probably would not do it.

I will study the advice and consider it, just I would yours, but it's my money and my decisions - and I answer only to myself for them.

The entire responsibility is MINE...and NO ONE elses.

 

this is why I educated myself......I too trust nobody. The best advice I can take is my own. Gold, silver and money in general is really not that hard to understand...once you put all that keynessian nonsence in the trash.

 

What convinced me was when I sat down and went through all of the possible ways we would pay off our Governmental Debt and the consequences of each action.

I came to the conclusion that owning Gold and Silver was a must. I'm sure there are other ways to profit (actually I know there is lol) in the coming years.

 

I agree.

Unfortunately, people are in love with the happy-sappy Keynesian solution...more and more debt.

If this economic mess was like being fat and there were two diets?

The Austrian School diet would be to eat less and exercise.

The Keynesian School diet would be to eat cake all day.

 

how about the gold diet?