Gold has been dropping like a “gold brick” in the past week and is retracting from a recent high of $1000 per ounce. This perhaps is a good buying opportunity before it shoots up again.
The only problem is that gold is scarce but I keep calling all the local dealers to see if someone is selling. Usually on dips, the dips sell and the smart people buy. Hopefully a few dips will sell their gold tomorrow.
One dealer just got in a 1000 oz. bar of silver. It was hard to believe that this silver brick was nearly 63 lbs. He wanted about 14k for it. Now if it was gold and I had a spare $939,000, I would have bought it.
My prediction that gold would hit $1,000 per ounce by the end of March came a little early when gold closed today at $1,001.80.
It took nearly 6 months after the 2008 financial panic that gold is finally is starting to glitter. I was surprised that the price was held so low since the demand for the precious metal is so high.
I still find it hard to purchase gold sovergns, eagles or any other types of coins and must result to carrying large sums of money in the chance the I can find any dealer in town that has a supply I can buy.
How high will go is anyone’s guess. But with this unrelentless printing of fiat money, it will only go higher. My guess is that once Congress decides on another trillion dollar deficit 2009 budget — which is 6 months late — gold is going way up.
I predict that gold will hit $1000 mark by the end of March 2009. I’m so confident that the dollar is dying with all this deficit and reckless spending by our Government, that Gold may be our last resort to preserving our wealth.
There may be some resistence to pass the $1000 mark, but 2T in bailout money — that does nothing to solve the bankrupt banking system — will serve nothing more as a catalyst for higher prices.
No, the biggest bank
bailout robbery in history won’t help us.
Gold is up $40 in early trading today (10/5).
Interesting point of view on where Gold and Silver are heading:
Argentum et aurum comparenda sunt — — Gold and silver must be bought.
Disclosure: I’m either in cash, the yellow metal or gold (NYSE:GLD) and I’m still buying gold on dips. Like my girlfriend says: “Gold is a Girls Best Friend.”
Today I bought 2 oz of gold and I feel much safer with gold in my pocket. It was a relief to get rid of the $1874 USD from my wallet and 4-1/2 oz eagles into my front pocket.
Somehow when carrying around that much cash, you get this strange feeling that someone is gonna conk you over the head and steal your money. But with the cash gone and gold in the front pocket, they take my empty wallet.
Holding gold in unsure times gives you some sense of safety. This is especially true when the government is about to steal $700 billion from the citizens to payoff the bad investments the rich made.
Shit, with all the losses I took from the market last week, it will take 50 years to write off my loss since they limit your loss to $3000 per year. Do you think I’ll get a break for all the bad investments that I’ve made. I’ll be dead and broke if that ever happens.
But the rich will make out like bandits and instead of cutting their right hand off for stealing, they’re going to cut our hand off leaving us to eat with the hand we wipe our butts with.
My only solace is that I’ve got some gold in my pocket, cause the US dollar is worthless.