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Photo: trader_john
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.
Psycho Woman Throws Knives At Children
13 years ago
In that case, I can't say I'm displeased that so many Republicans are buying gold through Batshit Beck's scam. :-)
I will never buy gold or mutual funds.
Trust me.
buying gold - whether through futures, ETFs, shares in gold mines etc is extremely risky.
but i actually think that is the US economy continues along the current path - and things get worse due to the ridiculous amount of spending for the endless wars to make Halliburton rich (that was a run on sentence) - people will start turning to 'hard goods' and away from the worthless paper - remember the wheelbarrels of the Weimar Republic.
not just gold, but platinum, copper, silver, palladium -- will actually (or could actualy) bcome the defacto currency in a world where paper is worthless due to US excesses and mismanangement.
you are right it could crash before it goes up -- or it never goes up or who knows --- it is almost a race to see which crashes first, the dollar or gold
i could go on but i need coffee
I bought gold at 600$ / oz. It's just a hedge against paper money going bust.
BUT... you're correct about unprincipled elements in the right wing exploiting fear and pushing bad gold purchase. Glenn Beck and Goldline International have been exposed in a Mother Jones article entitled Glenn Beck's Golden Fleece,.
In short, Beck is pushing Goldline, and Goldline is hard-selling old 90% gold coins that have a buy-back value that is about 30% less than what they sell for (regular gold bullion buy-back gap is about 5%).
It's a scam, plain and simple.
~
Glen Beck is a Snake Oil Salesman
Gold is a lot safer. The US is now the land of corrupt corporate culture, you only have to look at the banking crisis for that. Make money fast and screw the rest.
So the until good governance returns to Corportate American, it is time to check out of stocks!
Techonology is promising and the dudes are honest, but I don't see Technology as life long safe investment.
For etchical reason, I have never invested in safe bets like Oil!