Originally posted by anthbes
I remember when it was at 700 an ounce a few years ago and all the predictions said it would be going up. I really contemplated buying up a few
ounces... I was 19 and spending almost a whole pay check on a prediction would have been difficult to do. Sure would have paid off though...
Hey anthbes. But we also hear an abundance of bubble talk whenever Gold battles at key resistance levels. This dissuades some people from making sound
investment decisions...at precisely the wrong time. Been that way for the past ten years. Last week was another classic example of this phenomenon
after we failed to hold the first break above $1800. More silly top-callers seeped out the woodwork over the weekend than back in 2008/$1000. Tonight
they're peeling another layer of egg off they're faces....but don't fret...sure as the sun sets in the west, they'll be back, and thank God, we
need 'em. In a few years time when this market finally goes parabolic, these are the very people we'll be selling to
Whether from watching a Gold ad every 10min on CNBC, or from reading the concentrated issue of Gold related threads on an internet forum titled
'Global Meltdown'...one could mistakenly assume that a significant percentage of the general public is already in this market. Hardly the case. How
many people do you personally know (family & friends) that own even a single oz, leave alone hold a substantial position ?
Case in point - I used to gently suggest Gold investment to certain family members...for years...no longer though, I gave up...tired of the subtle
ridicule. Then, three days ago a cousin contacted me to ask where & how to purchase Gold. This fellow is about my age, retired also, a relatively high
net worth individual, and traditionally very wise at handling his finances. When we discussed investment strategies back at Gold $500 and I
recommended a minimum 20% allocation to physical PMs, he looked at me like I was plum, gone round the bend, stark raving loco....content he was to
stay in long-term equities & cash. Well, the roiling markets of late coupled with our gubmnt dollar-devaluation-debt-strategy caused him to rethink
his investment thesis. Now what he could have purchased at $500 is gonna cost him close to $2000 with premiums. At least he's on-board, and did I
hesitate to get involved or offer encouragement with Gold trading at $1764 and all the top-callers out in force ? Not even.
Louise Yamada, a highly respected mainstream technical analyst with a proven track record is far from being a wild-eyed goldbug with an emotional bias
for precious metals. If anyone is questioning whether it's too late in the cycle to 'get in', they might give a listen to her brief interview on
CNBC a couple of days ago.
And before someone suggests that tapped-out Americans won't be buying precious metals, let me remind you that there's an entire generation of folks
my cousin's age and older, savers who own their homes and have substantial $ sitting in stocks & US treasuries. As even a small percentage of this
investment capital finds it's way into the PM sector, things are really gonna move. People are waking up.
Is Gold subject to increasing volatility and periodic corrections ? Absolutely.
When everyone is yellin', you should be sellin'. When everyone is cryin', you should be buyin'.
Whee! This investment stuff is easy !