Gold Down $180 So Far For October
2008 October 23
Gold -Down $180 so far in October.
Natalie Dempster, an analyst at the WGC said: "The fact that gold did not head higher during the current leg of the crisis seems to reflect a combination of the rise in the dollar, deleveraging of commodity positions, sales to meet margin calls, and the unwinding of the long gold, short dollar trade." Also Dempster said: The current crisis has seen much more pressure on gold as an 'asset of last resort,' where it has been sold to meet margin calls when there have simply been so few other viable options available."
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Remember gold is not money (nor is oil). As real money becomes more valuable gold and oil will be sold. Gold can’t even be used to power your car. It’s useless except to gaze at.
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In the 1920s, the Printing presses went to work in Germany in an attempt to jump start their economy in the aftermath of WW1. All it led to was Hyperinflation.
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I really don’t see a big difference as the Printing presses go into overdrive in the Developed world to prevent a monetary crisis.
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Gold has two values: the actual use value in industry, and speculative value. As the former is less than 1/10th of the latter, it’s a pretty poor investment, relying on the greater fool theory.
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Since 1972 the DOW is up 8.5 times and Gold is up 25 times. Gold quietly preserves wealth through time. Enough said!
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Yes buy gold; most analysts suggest 5-10% of your portfolio should be gold- in these times you should actually be over weight in gold.
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Not owning gold is like skipping the fire insurance – it saves you a few dollars per month at the risk of losing everything. I wonder if anybody is getting it yet.
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Gold & Silver are real money, the U.S. $ is a fiat currency that is on it’s way to collapse, Gold will hit 1200.00 in the near future, only because the U.S $ will take a dive soon.
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Gold is a store of value and there is plenty of it to back a currency. It worked well for decades. The only reason we left the Gold standard is because the Nixon administration printed excess dollars to finance the Vietnam War, and foreign governments redeemed these dollars for gold drawing down our gold reserve rapidly. Wars are highly inflationary just like now.
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