User 246357

Gold Price Conspiracy?

All I can do is remember when the price of oil began rising above $3.00 (three dollars) a barrel back in the early 1970s and the only place the oil producers had to place all their new found wealth was in GOLD. After Pres. Nixon took us off the gold standard (at $35.00 an ounce), the price started rising until it peaked at around $800 or so back in 1987 or so and maybe before that.

Now, wealthy investors (b-ball players, Tiger Woods, Michael Phelps when he starts receiving his, et al) have gold, oil, Abu Dhabi real estate and some other places to have their millions placed. Gold will still be the last resort for inflation/risk hedging once oil, real estate, et al lose their attraction due to lousy economic conditions.

As said by others, it's fun making money buying gold low and selling it high repeatedly during this period.