The president is on TV talking about letting the US go over the fiscal cliff, and the threat it poses to the global reserve currency status of the US dollar, and you're selling your gold?? Please sell it to me, Ill take all of it. Physical preferred!!!!
I completely agree with you, "Kidding." I have 34 ounces of gold in the form of coins -- mostly Eagles. I will continue to buy on the dips. I hope that gold does go to $1400 or so because that would create a perfect buying opportunity. In the end, gold is going way up because the underlying financial fundamentals are terrible on a global basis. This is why the central bank in China, South Korea and many, many other countries around the world are buying as much physical gold as they can get their hands on. I wouldn't sell a single one of my coins if the price went to $2,000. I might THINK about selling A FEW coins if the price went to $3,000. Physical gold is the ultimate insurance against a financial catastrophe, the occurrence of which is entirely possible.
Don't pay any attention to dips in the gold price -- other than using them as an opportunity to buy. There are all sorts of reasons why the price of gold might drop TEMPORARILY. There is a strong possibility that the wealthiest people in the world manipulate the price so that it goes down long enough for them to buy more at bargain prices. How do we know that buying physical gold is the smart thing to do? We observe that the central banks of China, South Korea and other nations around the world are buying physical gold as quickly as they can get their hands on it. The Chinese are not stupid. They know that physical gold is the ultimate insurance against financial catastrophe. And there is plenty of reason to think that financial catastrophe is coming. Look at Greece, Spain, Ireland and other nations whose economies are on the brink of collapse. Do you really think Germany will forever continue to shore them up? I don't. Buy physical gold and HOLD it.
No, the FED and commercial banks are propping up the dollar, thats all. They have drawn a line in the sand at 1754 and so far it has held. All this says to me is we will have a very bad jobs report Friday.
No kidding, you are at risk. I feel for you, Im a bit older than you and Im not comfortable either. Do your homework, read up on the history of money, particularly vis a vis gold, and all things will become crystal clear.