$1,000 An Ounce Gold!
March 13, 2008
It was inevitable! Gold was the ancient metal, the lousey investment, and the one thing that almsot all brokers would tell you to not buy. They would make the comparison that gold had gone from $850 three decades ago, to $250. But, the other truth is that gold has gone from $250 just seven years ago to over $1,000 with no ceiling in sight.
And check out these numbers:
1-Gold is up $15 today as I write.
2-Gold is up $76 for the last 30 days.
3-Gold is up $348 for the last twelve months (54%).
How does that compare to your stock positions, 401k, and other investments? Gold just keeps setting one 2008 record after another.
There is no way that the Federal Reserve and Ben Bernanke can prevent a collapse. I’m sure that they will continue to reduce interest rates (the Fed meets next Tuesday), and they will continue to pump money into the markets to keep major institutions from going bankrupt but all that will do is increase inflation- which helps increase gold’s stature (as wll as silver).
A 6,000 Dow is still not entirely out of the picture. Sounds crazy, but!
I’m sure that gold wll take a breather at some point, before moving higher. When a psychological barrier (like $1000) is broken there’s usually a back and forth struggle before consolidation sets in. But, a major break in the war, another terrorist attack, or more bad inflationary news could see gold moving $25-$50 in any given day. Such moves portend an economic disaster for the economy overall.
Bank on it!
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