Soaring Gold Prices: BushCo Is Indeed Catastrophic

[the48er]

I've followed international gold trading fairly closely since I was a securities and commodities broker in the '80s. Since then, nothing -- and I mean nothing -- has freaked that market worse than BushCo. The 9/11 attacks barely moved gold's price, but since Bush's "Axis of Evil Speech," it's up nearly 80 percent (six percent in the last few weeks alone). The flip side of that, of course, is that the US Dollar has been annihilated vs. gold. That bodes very, very ill for the United States -- and for a long time to come. More details and graphics here.

[Desertrose]

1. Any thoughts on what we can do...

to hang on to whatever we've got? ....as far as investing or cashing in for Euros...gold...silver?


I don't have a whole lot but would like to end up with something for retirement (which will probably be when I die) ....

thx
DR

[the48er]

5. Start Talking to 'Non-Voters' *Now*

The only thing that'll really help is to get rid of BushCo.

As far as "defensive investments," they often turn out to be neither -- and one might want to stay away from gold other reasons as well. More on that at the bottom of this page.

If an investable sum dropped out of the sky and into my lap right this minute, one of the first places I might look is the alternative energy sector.

[ContraBass Black]

11. All I know about gold and silver is that they're not for amatures.

Precious metals take suckers for a ride.

[the48er]

14. Instead, Invest in Small, Milk-Bearing Animals

Sound investments in the age of BushCo.

[CountAllVotes]

15. yes they can

However, my sister bought some gold she said when it was around $325 an oz. The only problem is that she said she wishes she'd have bought more.

It is a volatile investment IMO.

[WhiteTara]

2. thanks for the post the48er and

you should definitely be finding the daily stock market watch thread. I'm going to cross post your article over there. You can find th stock market watch in LBN. See you there and Welcome to DU :hi:

edited for clarification

[the48er]

8. Thanks!

I appreciate it -- and it's good to be here. :patriot:

[JNelson6563]

3. I've been long on gold for a few years now

The only question remaining is how long will this go on? How long can it?

Julie

[Lannes]

6. Me too

I dont how long it will last either but when the bottom drops out and it will Id rather be holding gold than dollars.

[info being]

13. And dollars are far more likely to drop than gold

I'm with you...I use gold and foriegn currencies to hedge the risk of having my money in USD. That way, any direction the market moves...I'm protected.

[orwell]

4. Also...

...the Axis of Evil speech marked the dollar top. The next day it began its steep downtrend, only interupted this year by what is likely a large bear market rally.

Gold is now rising in all currencies as many central banks continue to issue fiat money. Silver is rising as well. With Bernanke fully on board for structural inflation in the range of 1 to 3% there is not much hope on the horizon.

[LuCifer]

7. No more gold standard started all this CRAP

And it's been DOWN HILL since the US dollar was taken off gold backing (wasn't this NIXON's doing?) so my advice to y'all is to get the best safe you can afford, go to a coin dealer or federal bank, buy all the gold and silver coins and/or pieces you can, fill it to the MAX with them, plus your guns & ammo, and burry the bitch in your back yard.

Lu Cifer, I for one do not see this shit getting any better, you?

[no_hypocrisy]

9. I agree. The end of the article warns against buying gold as a specultion

investment. Hell, I'd buy it just to keep from starving if the devaluation of the dollar is as dire, if not worse, than the Great Depression. It may be the only guaranteed currency if and when that happens.

[JNelson6563]

10. That's right, it won't make you rich

but it's pretty safe. :toast:

[tammywammy]

16. Not Nixon's doing

Money was moved off of gold in 1933 and in 1963 it became fiat.

[info being]

12. Buy GLD

I'm doing very well with it.