he kind of makes sense explaining that gold is a safe heaven and did its job during the rough times,now that the market is correcting things getting better it will drop...Does anyone think so too ...thanks for your answers
Hmmm , that's ridiculous. Currency debasement will continue, commodities are priced in dollars mostly, more dollars against the same commodity means higher commodity price in a world wide market where it can be sold against a less diluted fiat currency. I am afraid your guy is completely uneducated regarding commodities, I would not take his advice in this arena.
Not likely. Gold miners can barely break even at $1400 per ounce. Any lower and mines will be closing right and left. Basic econ. Dry up the supply and demand will far exceed supply, leading to a rise in price.
No Fn way my friend. Can you imagine how many buyers you would have if gold was 1000.00 today. There's two things to invest in, gold and stocks. Right now every one is thinking wow look what the stock market has done. It's proven to be a good thing. So, what do all the idiots do.....jump in. And that's when the headline hits and everyone dumps. What do they do with their money then? Go in to something safe. What else is safer than gold? That's how it works. Just watch. Who would buy gold now after all the bad press ect....me cause I know this market can't keep going up to the moon. I heard a guy once say about the Nasdaq. He said this thing is going straight to 6000 ( when it was 5000). A year later it was 2000. Do you know how many people jumped in between 4 and 5k? Alot of people did because everyone was getting rich. And when it started dropping many people thought it would come back and it didn't.
Well said hogdad999.
I was one of those people who jumped into technology when it was $4,000 and expected it to hit $6 or $7 thousand as you state. I also kept holding on and still do hold those technology mutual funds right now since to sell them now I would incur a steep loss. I am no where close to breaking even on those buys and doubt I will be for years to come. I am stuck in other words. I have been a lot wiser since those days. On the other hand, I strongly believe this pullback in gold is only temporary. Although gold may not have finished correcting right now, I still have to believe the price will be higher than this in the mid to long term if you can wait it out. If what I have been reading(from many gold gurus) the pullback in gold is not yet over and that this pullback still has a few months(end of July or end of August) to go and maybe another 100-200 points lower, we may all get one last opportunity to load up on gold before it really blasts off in its next leg higher. That should take us to the mania phase where things can really take off to the upside. Remember, only 1% of the poplulaton has an exposure to gold. Many still don't understand the implications of world money printing and the subsequent hyperinflation that comes along with it. When the masses start to understand their paper dollars are worth less and less all the time, they will finally figure out what the 1% already know today and have been positioning their portfolios for the ultimate breakthrough. I am saving my dry powder and hoping to really get an opportunity to add to my warrant positions. I like NGD too but I love the warrants since I first bought into them. The upside is going to please many. If my instincts are correct, I will come away witih deep pockets. You don't need to be super smart to figure this out. All you need is a strong stomack. JMHO.
Good luck everyone.