Ninjastic
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Board Economics
Re: Gold: I smell a trap
by
ghyze
on 14/09/2011, 13:24:23 UTC
Quote from: cypherdoc on September 14, 2011, 11:31:20 AM
Quote from: ghyze on September 14, 2011, 10:08:03 AM
Sorry if this has been said before, I didn't read the entire thread.

@cypherdoc:
I think you're wrong, gold still is a good buy. I'm still buying metals. Here's just a few reasons why:
- Just over a month ago, GS said the price of gold is going to $2500 by the end of this year.

since when have they been trustworthy?  they don't even make good calls anymore.
It's complicated, but I'll try to explain. GS has a major short position in silver. Since silver moves with gold, GS does NOT want a higher gold price. They are predicting a $2500 gold price to prevent more damage to their short position. (when they say $2500 by the end of the year, they're trying to set a psychological barrier) Most bulls are predicting $5000, $8000 or higher, based on the price in the late '70s/early '80s and inflation rates.

Quote
Quote from: ghyze on September 14, 2011, 10:08:03 AM
- Everywhere I look I see small companies popping up that buy your old jewelry. That means these people think gold is still an extremely good buy.

its amazing how diff ppl see the same things but interpret them differently.
Good to hear you see the same thing Wink

Quote
Quote from: ghyze on September 14, 2011, 10:08:03 AM
- The FED and the ECB are printing lots of money, meaning the euro and the dollar are going down in value.
The book "The Creature from Jekyll Island" explains a lot about the global money system. It's an excellent read, I suggest you pick up a copy...

i've read it twice.  and it IS a fantastic book.  i just don't agree about the one world currency thing though.  nor the gold part at this pt in history.

To quote you: its amazing how diff ppl see the same things but interpret them differently Wink
I tend to agree with Bill Stills when it comes to currency: it doesn't have to be gold. It can be anything, even BTC. However, since gold has been money for a long time, in different empires, I'm going for gold right now.
As long as big central banks are printing money and the public is NOT buying gold/silver en masse, I'm buying.