Gold to $1,600.00

Geesh – from MSNBC:

Gold prices rallied to record highs above $1,600 an ounce in Europe on Monday, as investors spooked by the euro zone debt crisis and the threat of a U.S. default bought into the metal as a haven from risk…

First off, really wish I had listened to the old man when he wanted to buy gold at $400 or so an ounce.  Secondly, this is the world of investment giving a vote of no confidence to all governments and central banks…this is a flight to safety, and a bet that things will get even worse.

5 thoughts on “Gold to $1,600.00

    • neocon1 July 18, 2011 / 9:06 am

      a very bad sign
      but hey keep printing money out of thin air what can happen?

  1. js July 18, 2011 / 9:27 am

    what goes up…must come down…the higher it goes up…the harder the fall…history tells us all about it

    folks run from the stock market to gold…its like flushing rabbits out of a corn field…so who is there to sell them gold…the only ones left holding currency when it falls…george soros is selling all his gold and silver…go figure what comes next

  2. RetiredSpook July 18, 2011 / 9:31 am

    First off, really wish I had listened to the old man when he wanted to buy gold at $400 or so an ounce.

    I wish I hadn’t sold it at $425 an ounce back in January, 2004, but the rise from $250 in 2001 to $425 in 2004 was too good a profit to pass up after sitting there looking at it bounce between 250 and $300 for several years. Not one of the better investment decisions I’ve made in my life. Oh, well; it’s only money.

    BTW, the site I’ve linked to above is a good one for looking at long-term trends in gold. If you had told me 7 years ago that gold would be over $1,600 an ounce by 2011, I would have said the world would be in turmoil at that point.

  3. js July 18, 2011 / 10:10 am

    life is like a box of chocolates…you never know…but then again…if i had bought 5 duplexes for 50k Ea…25 years ago…it would have made me a millionaire…by 2007…

    if you look at every recession/depression…gold always skyrockets…never failed to fall quickly though…the entire decade of the 70s saw the same situation…in 1 year…gold prices dived by 1/2…

Comments are closed.