Time to SELL Gold?
Nevada gold nugget
The last time Gold was running around $1,000 an ounce (around 1980) many were jumping into Kruggerands thinking they were going to ride them up to $2,000 and $3,000 an ounce. GOLD – got them in a frenzy. (As well as the “experts”)
It never happened and those who have held on to them for all these years might be able to sell out of them and break a little more than even. Great investment to those that bought into the hype of 1980 at $1,000 an ounce (plus the surcharge) — NOT.
These are different times BUT it’s funny how everyone tries to tie things back to other times when it suits their pitch.
Remember the 1990s tech bubble? When it burst, the experts were telling you – you should have been into Blue Chips. After you shifted your money – BANG – the market collapsed with ENRON, WORLDCOM and the others then Sarbanes-Oxley was enacted and the experts declared that you should have diversified and had some money into the “fourth asset class” – real estate.
Many cashed out whatever was left in mutual funds and bought “investment condos” thinking they were going to “flip and buy” which was a strategy that lasted for a bit then they got caught up in the real estate crash. They got wiped out and some cannot fathom how all that upward spiraling equity evaporated into ghost equity.
Now, the battle cry is “GOLD”. Be cautious. And don’t wait too long to cash out if you buy now. Take a 50% profit at $1,500 – if it goes that high – but don’t be a hog and wait for double your money. That might not happen.
Nevada gold nuggets
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Gold has done very well, and it never needed a government bailout to support it prices. Can a Wall Street firm, salivating at the prospect of receiving welfare money from the taxpayer, make that claim?
Silver Nuggets
“The reason gold is the ultimate store of value is because it can’t be printed or destroyed. Yes, it’s inflexible. That’s the point. It constrains the natural tendency for humans to exhibit herd behavior at the extremes of greed and panic.”
Crystalline gold leaf