I bet we see 900 Gold Price by December
posted by AXSTONE at 7:48 AM
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Gold Price per Ounces in USD |
Axstone's
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2 Comments:
Looking back to 1971 the world has had a hard time deciding the true value of gold. This is especially true in times of uncertainty. To highlight this point let me point out the following golden pints :)(Feeble attempt at humor, although this is not a funny subject)
Almost everyone has heard the advise that 30 % of your portfolio should be invested in precious metals. Yet historically less than 1% of all AMERICANS have participated in gold as an investment. One reason for this folly is that most AMERICANS still believe that our money is still backed by gold.
I challenge you to go out and ask 10 people on the street this simple question. I caution you, please don't laugh at the responses you get,(ouch). :( (ouwi) The average person out there doesn't know what is backing the Dollar, which by the way is close to the right answer.
When we went off the Gold Standard in 1971, and Gold officially became a commodity, most AMERICANS placed it in the class of a consumabe item, which for the most part it is not. (No I apologize I don't know the exact figure of how much is used up but even the plating on jewelry,computer connections,china, and scrap are recyclabe)
Thus, we find ourselves in our present dilemma. Gold is very volitile when not linked to money, OOPS! In reality I'm saying that(MONEY is really volitile when not linked to GOLD) Unfortunately with all truths most people are going to ride the roller coaster only when the price goes up! Why is that?
All I can say is the Monetary Literacy in America is Pathetic!
Q&A on Jim Puplavas www.financialsense.com
show last week sums it up:
Hi, Mark in Salt Lake City. You played a clip of Ron Paul questioning Helicopter Ben Bernanke at the congressional hearing. He dodged the questions almost artfully as Mr. Bubble's Greenspan. My question is: How can those congressmen and reporters sit in those hearings and claim they don't know where inflation comes from after Congressman Paul just explained it to them. Can they been that misinformed or is this just a shell game to keep the public fooled. Your comments will be appreciated. Thanks.
JIM: Mark, it gets back to our education system. All of these congressmen were educated in public schools where they were taught Keynesian economics, where the definition of inflation is rising prices, the definition of deflation is falling prices. And most of the people that are in the press room have been educated in the same way. So when you are raised on the belief system, you know, they never stop to check their belief system and say that, “you know, wait a minute, this just doesn't hold up.”
Some day they are going to wake up as they did in the latter part of the 70s and realize, hey, this is inflation and the government is the cause of it. But they will use all kinds of misinformation. But it stems from the education system. A lot of everybody have been brainwashed through this whole system of Keynesian economics which is why people believe what they do. [42:55]
http://www.financialsense.com/fsn/BP/2007/0929.html
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