May 16, 2013
– Comments (5) |
RELATED TICKERS: GLD
'Gold is Toast!' Why It Could Drop to $500: Pro - CNBC.com
I was well ahead of Mr. Novogratz in making the same observation two-and-a-half years ago.
Gold around 500 an ounce would really tick off a lot of people ~ all the way from the uber super rich to skid row types.
Anyone remember a twillight zone episode where these criminals steal bars of gold and use technological sleep chambers to hybernate for several hundreds of years so as to escape prosecution for the theft. Anyways a couple of the criminals chambers malfunction and they die ~ for the rest they end up dying off or something until it ends up with 2 of them and they are out in the desert hauling heavy gold brinks and they are playing games of trading gold for water (between themselves) and eventually it ends up with one guy dying with a bunch of heavy azz gold bricks and the other one gets discovered only too late and dies clutching his gold ~ but get this the moral of the story is that in the future gold is worthless ~
That Twilight Zone episode offers an excellent cautionary tale! Goldbugs are going to get carried out of this bear market clutching their gold nuggets in a death grip.
Gosh I just love google and their purchase of you tube... you can find anything...
heres that episode... courtesy of them
It was called the RIp Van Winkle Caper...
I remember watching CNBC back in early 2009 where people were making predictions where the DOW was heading to. One "pundit" with a straight face said DOW 2,000. I would love gold to fall to $500 an ounce but emerging markets won't let that happen nor will the miners bother mining it.
#3 nice video :)