Gold Hits $750/Oz
Today gold hit $750, the highest its been in 28 years. It looks like we might break the previous intra-day high of $850 within the next few months.
There was a slew of bad news today related to the housing industry and inflation worries and both oil and gold reacted by going up. I bought into GDX today which is the gold mining index. I had bought it last year, but I sold it to buy actual gold coins.
I’m still heavily bullish on gold and I think we’re still in the beginning stages of a rally. Why do I think so? Because almost everyone I know ridicules my idea of gold being a good investment!!!!
Typically, the average person does his investing by looking through the rear-view miror. He invests in whatever was hot last year or the last few years. I fell prey to that investing mindset early on in my investing adventures. I saw that tech stocks had done phenomenally over the past few years and in late 1999 I dumped all my savings (and some money I borrowed off my credit cards) into the high-flyers and subsequently lost all my money. I later found out that successful investing entails “anticipating the anticipations of others”, to quote John Maynard Keynes.
Once the popular media starts hyping up gold, then the average person will want to get in on it.
In a few years, when my friends start asking me about gold and how to buy, I’ll know its time to get out!
Till, then I’m a gold bull. I’ll take a shiny piece of yellow metal over a green piece of paper with a promise on it anyday!
If you found this post helpful, consider donating to my coffee fund!![[del.icio.us]](http://images.del.icio.us/static/img/delicious.small.gif){kind=small}
-
Gold Cracks $1000/Oz: Investing For A Recession Based on continuing weakness in the dollar, gold briefly breeched the $1000 level yesterday along with oil hitting an all time high of $111 per barrel. I had a really strong suspicion that we'd see $1000 gold by mid-March. Despite what Bernanke and Paulson said last summer, the housing...... - Gold Breaks $700 Last Friday, gold dropped to $680/ounce before rebounding to $740/ounce. Like every other asset, gold has been hammered this year. However, this may be partially due to a strengthening of the dollar. In terms of other currencies, it's still close to its all time highs. I think this is a......
- What sort of Life Insurance do you have? Back from my so-called vacation. Sadly, my Dad passed away right before I left so I spent most of my with funeral arrangements and sorting through his finances. A few important things I noticed. While my Dad was a very well-respected & apparently very well-known doctor with legendary medical knowledge,......
Related Websites
- Personal Finance Resolutions to Avoid this Year Mr. ToughMoneyLove is not a fan of New Year's Resolutions for two reasons. First, they are often used as an excuse to put off until tomorrow what could and should be done today. Second, New Year's Resolutions perpetuate a fantasy that you are actually doing something when you are not. It's like......
- Investing In Gold - Is The Price Right? Rachel writes in with the following question about investing in gold: I enjoy reading your blog about wise spending. I have a question and I'm not sure who to go to. My husband is interested in investing in gold. What are your thoughts on investing in this direction? Do you......
- Is Gold a Solid Investment Vehicle For Your Savings? If you happen to turn on CNBC, listen to a radio show about investing, or read any financial newsletter or magazine, itâs not going to be long before you see and advertisement about some company which will show you how you can invest in gold and other precious metals to......
[All content is copyright of Living Off Dividends & Passive Income]
Leave a Reply