Buy some Gold coins Votingmachine, buy Gold coins. Just do it and don't tell anyone. Don't be foolish. I know you hate Gold and that is Ok, even Gold haters need Gold. When the Dollar goes to ZERO and your family comes to you, you can tell them, don't worry, poppa was smart enough to protect you. They will probably say to you: "Poppa, we thought you were stupid, thank you so much for protecting us, we love you poppa"!!! Your wife will give you some good loving as well. LOL Cheers...
I had to go look for it.
>>>I think it is best not to touch it at the current level. If it breaks to a new high, think about trading long. If it breaks under $140, think about trading short. But I don't see a trading reason for taking either side.
Long term, gold will collapse. I would think back to about $750 per ounce. <<<
Gold did break higher and not lower. First, again let me clarify, gold is market priced and can be at any value.
I think the gold bugs that think gold value should be a measure of monetary inflation have the price far too high. Monetary base increases are not proportional to the gold price increase. I also see that gold is coming out of the ground at $500 to $1000 per ounce at a lot of mines.
If the demand stays higher than the supply, then the price will be high to limit the demand. If the demand level drops, then the price will drop, as the supply will stay fairly constant.
I also think that the gold market is following typical bubble paths. And that implies that the long term price is to drop back to previous long term prices.
But I also think that the last year of strong prices creates a market expectation that may mean prices are permanently higher.
I will also admit that I love saying absurdly bearish things about gold prices just because the responses amuse me. It is immature but hey this is a Yahoo message board and it is for entertainment as well as collaboration.
Cat got your tongue? Could you please explain what metrics you were using when you said Gold should be Valued at $750-? I am just curious as to how you figure Gold should be $750, surely you must have some logic to your forecast for Gold. And please don't give me that crappy liberal "I do not recall" excuse, your post was made just 5 months ago. I would have some respect for you if you would just come clean and tell us that you do not understand Gold.
You said: "When paper money was on the gold standard, you could exchange a $20 bill for an ounce of gold. But no one did because paper money IS and WAS far easier to use".......Have you ever studied History Votingmachine? What do you think a bank run is? They had to close the banks because they issued far more money than they had Gold on reserves at a time when simple folks thought that THEIR money was backed with GOLD held in trust for them at the bank. It is no wonder you think Gold is not money, since you seem perfectly content believing that paper is money. You have no clue Sir, none, Zilch.
Perhaps we will soon see gold banks that issue gold-backed cards for purchases.
Then again, we have a problem. Do the gold banks really have ALL the gold to back up all the digital currency they give out, or are they acting fractionally.
"When paper money was on the gold standard, you could exchange a $20 bill for an ounce of gold. But no one did because paper money IS and WAS far easier to use"
You're wrong about that. The reason the US went off the gold standard was due to the fact that they were having a run on the bank and too many entities were converting their dollars to gold.
"Due to the excess printed dollars, and the negative U.S. trade balance, other nations began demanding fulfillment of America's "promise to pay" – that is, the redemption of their dollars for gold."
Give it up. Let it go. The real estate party is not coming back. Get some new myths and cliches.
Peter Schiff sums it up fairly well...
Don't confuse real estate with land. They are two completely different markets that are not even remotely related.
>>When paper money was on the gold standard, you could exchange a $20 bill for an ounce of gold. But no one did because paper money IS and WAS far easier to use.
and people have moved past carrying paper, and now use credit and debit cards. this has made paper completely obsolete. it now has no advantage. the credit / debit cards could easily be used against a gold acc vs dollar acc. and the backing will be "rock" solid. excuse the pun.