Price of Gold

[snarlingcoyote]

Anyone else watching the plummet?

I'm thinking it's got an awfully long way to fall before it stops, as it was so overvalued for so long. (I'm happy to admit I took advantage of the prices and funded a DVC rental on a gold bracelet while the getting was good!)

I might even buy some in a year or three, once it gets really low and settles in instead of falling. It's got to come back up one day. . .

 

[DVCcurious]

My mom has a friend who's into all the get-rich-quick schemes. She bought Ostriches when the meat was supposed to be the Next Big Thing, she bought beenie babies, etc.

Anyway a year ago she called me and said something to the effect of "I read that gold is going to go to $5,000 per ounce. What do you think? Should I buy some?"

I'm actually in a career where I would conceivably have more knowledge about inflation, monetary base, and other economic indicators so it made sense for her to call me as an "expert". I just told her I don't know what's going to happen to gold, but that I highly doubted it would ever see $5,000 unless there was a catastrophe and I didn't recommend she buy gold with the expectation it was going to triple in a short time period.

I should've shorted the heck out of gold right after that phone call!

 

[snarlingcoyote]

My mom has a friend who's into all the get-rich-quick schemes. She bought Ostriches when the meat was supposed to be the Next Big Thing, she bought beenie babies, etc.

Anyway a year ago she called me and said something to the effect of "I read that gold is going to go to $5,000 per ounce. What do you think? Should I buy some?"

I'm actually in a career where I would conceivably have more knowledge about inflation, monetary base, and other economic indicators so it made sense for her to call me as an "expert". I just told her I don't know what's going to happen to gold, but that I highly doubted it would ever see $5,000 unless there was a catastrophe and I didn't recommend she buy gold with the expectation it was going to triple in a short time period.

I should've shorted the heck out of gold right after that phone call!

I know! I'm not up on investments that much to even know how to short something, but about a year ago, I was eyeballing my wedding bands and my HS ring, thinking "maybe I should take the money and run. . .it won't be long 'til the bubble bursts and I can replace them then. . ." but sentimentality won.