I'm sorry, but gold is not worth anywhere near $1200 per ounce.
Yet, despite a drop on Friday, gold was trading at the astronomical level of $1194. This is just plain crazy.
For decades, gold has been marketed to the gullible as a safe haven for currencies when paper (and now electronic) money fluctuate. However, if you remember the history, gold fluctuates much more wildly than currencies do.
That's what is making the current speculative gold rush so tragic and comic. Seeing the volatility of economies and stocks, many speculators have been buying up gold as a "safe haven." In the process, they have created another bubble which will inevitably burst. Yet, it won't just be rich people who lose some money before they get out. Some middle class economic survivalists will see significant portions of their savings wiped out far worse than people experienced during the last stock market crash. Stocks are less risky than gold. Of course, CDs and Treasury Notes are much safer still.
People who have bought the rightist gold mania garbage will pay a huge price for their ideological foolishness. It's only a matter of time.
These days, all gold is fool's gold.
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