It's scary because while gold is jumping up.. If any other safe haven comes around.. They'll be dumping it by the ton.. Slow up.. fast down.. Opinions are always welcomed.. I was at a repair shop this morning.. and 3 of the bench workers were pulling the stones on pawnshop ring to scrap..
bah, avoid gold, if you are looking for a commodity to hedge inflation, perhaps Oil or copper futures work better? Or even better than that, how about Copper miners, and Oil companies... BP, exxon... etc.
The US owes most of the Arab states in the Gulf, England Japan,China, even Russia and a couple more I didn't mention. Inflation is a process where it costs more money to borrow from other countries. Imagine Japan looking at the US and seeing all the entitlement programs that the government is creating instead of paying down the debt. Of every tax dollar, the US has to pay $.40 in interest. The US is 12 trillion in the hole and with all the new programs created by Obama, the government is saying that there will be 9 trillion more debt in the next 10 years. Do I hear a 70% tax bracket because we will be paying almost $.70 on a dollar in interest if we role up that debt. It is said that there will be a revolution before then. That is why you will see all of your freedoms disappear as well as any self defense means that you will have. We will then be called subjects because we will have probably given up the Constitution and adopted the UN Charter by then. At least the politicians will like it. The politicians will be royalty like in the medieval (wonder why they don't spell it mid-evil) days of Europe, where people were killed at the simple request of the noble because the serfs were considered nothing.
Wow 1340.00.....That makes gold worth $114,355.60 an oz in Jamaica....The same thing is happening here and some of you think that's a good thing. The last I checked gold was losing against the Euro and other European currencies......That's where the real value of gold is. Just keep thinking your getting rich......the joke will be on you if this continues and hits 3-5000.00 an ounce.......You will need a wheelbarrow to haul your money to the grocery store. By then, bullets will be the currency of choice.
Gold is almost at $1350.00 per troy ounce( 12 ounces to a pound ) Silver is over $23.00 per troy ounce. Platinum was over $1650.00 the about 2 weeks ago. Somebody is trying to hedge their savings by buying precious metals. I doubt that the bubble will burst for a while. As long as Obama and Bernacke keep inflating our money by printing the trillions of dollars with no backing as they have been, precious metal will seem to be a good buy in or to stabilize peoples savings. Goverments have been doing this since the end of the Roman Empire. At the end of the Roman Empire, silver coins had less than 2% silver in them. The downfall of our economy started with FDR taking the gold backing away from the US dollar. The JFK finished the deal by removing the silver backing. Without having to have a guaranteed backing for our money, the Gov't could print as much money as they pleased with no controls. After JFK, Johnson created the Great Society and took the Social Security fund and placed in in the General Fund allowing the rape of the system with no controls. Notice that they were all Democrats. Better get out and vote.
I've got a 24Kt. gold bracelet.. a little over 1 oz I would horse trade for some Perazzi parts of interest.. You could invest.. make your wife happy.. and get rid of an extra Perazzi stuff if you had any.. All Good.. BTW.. A MX3 Special/MX2L barrel could be of interest..maybe a MX10.. all 30" and not to heavy.. Can add boot..to make a deal..