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1000+ Penny Miser Member
USA
3121 Posts |
 Posted - 06/18/2010 : 10:50:37
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The things that will destroy America are prosperity-at-any-price, peace-at-any-price, safety-first instead of duty-first, the love of soft living, and the get-rich-quick theory of life.
– Theodore Roosevelt
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brian0918
Penny Collector Member
USA
315 Posts |
Posted - 06/18/2010 : 17:12:41
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Only time will tell. Gold is tracing out the same sort of curve it did right before the plummet in the '80s, so you can expect the mainstream to more loudly scream that gold is in a bubble about to burst.
This is the same mainstream that loudly screamed that housing prices would go up forever.
I recently just moved most of my retirement to gold ETFs like PHYS, GTU, CEF, so if we see such an explosion in the price of gold, I will probably opt to withdraw my retirement savings, take the tax hit, and turn it into real physical gold. I'd rather that than the govt arbitrarily decide that my retirement cash needs to be invested in Treasury junk. |
"The man who speaks to you of sacrifice, speaks of slaves and masters. And intends to be the master." -- Ayn Rand
Searched: $2230 Nickels; Liberty: 1; Buffalo: 4; War: 20; 2009: 2; 2010D: 8 |
Edited by - brian0918 on 06/18/2010 17:14:10 |
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theo
Penny Hoarding Member
USA
588 Posts |
Posted - 06/19/2010 : 21:28:59
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quote:
Originally posted by brian0918
Only time will tell. Gold is tracing out the same sort of curve it did right before the plummet in the '80s, so you can expect the mainstream to more loudly scream that gold is in a bubble about to burst.
This is the same mainstream that loudly screamed that housing prices would go up forever.
I recently just moved most of my retirement to gold ETFs like PHYS, GTU, CEF, so if we see such an explosion in the price of gold, I will probably opt to withdraw my retirement savings, take the tax hit, and turn it into real physical gold. I'd rather that than the govt arbitrarily decide that my retirement cash needs to be invested in Treasury junk.
Remember that in the summer of 1979 gold was a little over $200 an ounce. I'm sure that since it had increased from $35 an ounce in 1971 some analysts thought it was forming a bubble. Of course by January of 1980 gold hit $850 an ounce.
The national debt at the time was about $950 billion, which was less than half of GDP. Anybody who actually thinks gold is in a bubble isn't paying attention or doesn't want to. |
Edited by - theo on 06/20/2010 00:22:31 |
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stateofmind
Penny Pincher Member
143 Posts |
Posted - 06/20/2010 : 01:54:55
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LOL. $10,000 gold?
I hope no one actually would believe that. If the currency crashes that much the least thing you would be worrying about is the price of gold.
The best hedges are as follows:
GUNS and AMMO
Food and Land.
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Many Respected Analysts See Gold Going to $10000
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