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kdakota630 (29.56)

Peter Schiff - Canary in the Coal Mine

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September 11, 2009 – Comments (2)

Like a battering ram in a medieval siege, gold keeps hammering away at the gate. For the third time in less than twelve months, the yellow metal is once again crashing into the $1,000 per ounce level. As of press time, it looks like gold will close above that level today and will set a new record in the process. Even if the breach is fleeting, who can doubt that it will mount another assault soon? In the meantime, there is no shortage of market analysts who are not buying gold while questioning the motives of those who are. Although they offer a variety of strained reasons, they nearly all agree that it has nothing to do with inflation, which is nearly universally considered dead and buried. As a self-confessed gold bug, I can assure all that inflation is the only reason I buy gold. And recently, I'm buying a lot.

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2 Comments – Post Your Own

#1) On September 11, 2009 at 2:44 PM, AvianFlu (34.94) wrote:

I'm with you 100%.
It isn't that gold is going up, but that the dollar is dropping so drastically that it takes a lot more of them to buy the same amount of gold.

I used to make fun of gold bugs.
Not anymore.

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#2) On September 11, 2009 at 2:57 PM, jed71 (47.62) wrote:

Amen! I have been buying gold and silver since 2004 and haven't regretted paying the incrementally "higher" prices during that time.

Inflation is at our doorstep, no matter what the pundits believe.  

 

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