The biggest news for the gold community in the last couple of weeks was probably Ben Bernanke's speech, which caused investors to sell gold in a panic," writes Morris Hubbartt of 321Gold. "The price plunged nearly $100 an ounce and started a correction."
Dire news indeed. What to do, good patron? Perhaps you know gold is the everlasting money. The stuff that will be around when all of today's central bank funny money has withered away to worthlessness.
Gold may hold its purchasing power over the centuries. But what about over the course of the next few years and decades? Those after all are the years you really care about! (Unless you have the secret to an unusually long lifespan...)
"Goldcore priced bullion at $1,721 or £1,079 per ounce this morning, compared to yesterday's fix of $1,788 or £1,121 per ounce. A spokesman said: 'The massacre is attributed to a host of different reasons -- from month end book squaring to Bernanke's suggestion that ultra loose monetary policies may soon come to an end.'"
"Brian Dennehy of independent financial advisers (IFAs) Dennehy Weller commented: "Yet again the 'safe haven' myth of gold has exploded. It went down during intraday trading by about $100.
"'This doesn't mean the bull market has ended. It just means that when you buy gold you must do so with your eyes open -- it is a highly volatile fringe asset.
Source: Whiskey
No comments:
Post a Comment