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Sell your gold and buy a house, hire workers, buy grains, or send a kid to college, writes Peter...
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Tuesday, August 7, 2012, 7:40 AM ETSell your gold and buy a house, hire workers, buy grains, or send a kid to college, writes Peter Tasker, noting the price of the metal is at multi-generational highs against these items. Recent financial instability has failed to budge the price, he says, meaning the bull market may be over and gold is back to being just another risk asset.
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Bob Stapelman
(GLD) X 5 yrs appreciating WAY better than real estate X 5 yrs
(MER) and HSBC analysts say $2K/ounce by 2013 STAY LONG.
Most of the people who's got gold, also own a house.
Unless you are talking about your own family jewels.
This is exactly the best time to have the gold and buying.
http://bit.ly/MtwK1a
Go to reliable mining sources (ABN Halliburton). $630 all in marginal cash cost.
Social, political and economic fundamentals all indicate situations that cannot be sustained long term. We have allowed politicians and captains of industry to create a set of circumstances that can have no good end. It might take a while to play out but it will. And it won't be pretty. In five years, ten years or 15 years, gold will still be worth its weight in gold. Fiat currency most certainly will not.
As long as the Fed and the ECB are open and doing business, those thinking long term will keep buying gold.
.. yup' , how long are they going to keep flogging president '' BUSH'', ..INTO THE NEXT TERM FOR ''IT IS NOT MY FAULT '' obama''
pitiful !
Wait and see how China backs their currency soon. They must really hate the metal since you cannot sell Gold mined in China any one else but the government. I guess the do that to protect the public from buying the "worthless" metal; better to collect their undervalued currency than gold..... (snicker, snicker...)
Look at a chart of GLD. Almost one year solid support above $150 which has been challenged many times & successfully held. Near Term resistance is $160 so it is simply basing. A catalyst will resolve this up or down. It is very difficult I believe to make a cogent case for a catalyst to drive gold down given economic headwinds.