I agree with Crakeur entirely,
He much more experience than me, however I too, we both have actual working experience of this, know the territory, have the letters to use after
names, done the deals etc.
I think there is a lot of "sentiment" still in gold, and lots of spin now to and upselling.
It could go to 5k even esp if World War looms within days, maybe spike twice that.
HOWEVER steer clear unless you actually have it not the paper type, or can afford to treat it as a "Red" or "Black" bet on Roulette 50/50 chance
loose all (if buying at todays or higher prices) or double it.
Who though of the average investors, will be watching the tickers though if there is more value in gold to be able to sell at the right time?
Or be able to get their physical stuff to the local market/trader, and he will give you yesterdays "spot" price and maybe even for "scrap" value spot
What normal person can play this in physical form to keep safe of the overselling of paper gold in recent years? and yet be tuned into the price 12
hours a day until the next world war or big event to take the prize, or get out before they get burnt?
I wouldn't buy Gold now due to the above, and the same as I wouldn't buy Apple shares now, or would not buy property in the UK US Dubai etc
Much in life, and esp in finance and markets is "timing"
Great 1 yr and before.
Thinking of gold now?
Missed the party.
1600 plus and ounce? about there ish
What would 1 oz of gold get you in a shtf scenario?
What are you going to do if the government takes it off you? (research the last great depression in America Peoples safety Deposit boxes opened and
emptied by Government)
How many of you family can have waterproof and Good Quality Footwear?Hiking Boots?
How much is a 14 day activity training to camp, survive cost, about the same?
How many of the following could you get?
First Aid Courses
Wind up radios Torches
Land to grow Food
Which will be of real value if Money and stocks and shares hit 1930's scenario?
Its more what you can do, than bling.
What can help you stay warm dry well safe fed
Not something looking nice and needed in electronics no one is making, and jewellery again not being made as no one has money to pay for them.
If risk is not a big problem and time not to, fine get it if can loose most of its value, and happy to sit on it for 20-30 years just as a "Punt"
waiting for the right time, and when it suits you not the market.
Gold will become as valuable as American Bonds again in the near future imho.
Perception is its price.
Dont bet your and families loved ones future, ability to eat, stay warm safe and happy in the Moods and sentiments of Vastly Rich Traders, who have
taken it from us already!
Unless your the kind who put there hand in the fire second time as a kid.
(I am only giving my personal opinions above, I strongly advise you against anyone taking any actions or plans on their financial situation based on
anything I have said, and to research themselves, and take INDEPENDENT professional advice, before choosing whats in their and their loved ones best
edit to add OBAMA to make Statement in US at 18.00GMT on Economy. Looks like about 3.49% down close on FTSE stayed above 5000 only 60 -70 basis points
when below 5000 2morrow is a big factor in Mood only. DOW below 10000 wed/thurs?
edit on 8-8-2011 by MischeviousElf because: (no reason