I love gold. It's just so shiny!
People get besotted with it; wars have been fought over it; fortunes made and lost; for a while the entire world economy was linked to it, and even today, it is still a multi-billion dollar industry.
One of the big reasons I like gold is because it's strictly a gambler's investment - you win some, you lose some.
Last time I posted on gold was when it was about $1000 on the way up, at which time I was so pooh-poohed that it cost several people monetary bets - didn't it, Foolmewunz, et al?
Anyway, gold is now obviously almost 50% off that high point, and I think it is right now at, or very close to, bottom.
The press on gold has been so bad that even gold dealers aren't able to avoid the stories on the crisis, the losses by gold firms, the falling demand from China...
It fell about $20 in two minutes just days ago.
Horrible, horrible "investment".
But right now, not a bad bet, I think, primarily down to its strength in the face of a rising US dollar. A rate rise is now locked in to financial markets as the Fed's next move and the dollar is reflecting that.
The strengthening USD has driven the price of other currencies down; it's driven the price of oil down - solely due to its own increase.
In a market as allegedly as bereft of champions as gold presently is, you could have reasonably expected gold to take another kick in the balls, but it appears to be holding, which to me, shows rock-bottom support for it.
Current gold price fixed at $1085 USD per ounce.
I think there might be a 5% short-term upside in the yellow metal.
People get besotted with it; wars have been fought over it; fortunes made and lost; for a while the entire world economy was linked to it, and even today, it is still a multi-billion dollar industry.
One of the big reasons I like gold is because it's strictly a gambler's investment - you win some, you lose some.
Last time I posted on gold was when it was about $1000 on the way up, at which time I was so pooh-poohed that it cost several people monetary bets - didn't it, Foolmewunz, et al?
Anyway, gold is now obviously almost 50% off that high point, and I think it is right now at, or very close to, bottom.
The press on gold has been so bad that even gold dealers aren't able to avoid the stories on the crisis, the losses by gold firms, the falling demand from China...
It fell about $20 in two minutes just days ago.
Horrible, horrible "investment".
But right now, not a bad bet, I think, primarily down to its strength in the face of a rising US dollar. A rate rise is now locked in to financial markets as the Fed's next move and the dollar is reflecting that.
The strengthening USD has driven the price of other currencies down; it's driven the price of oil down - solely due to its own increase.
In a market as allegedly as bereft of champions as gold presently is, you could have reasonably expected gold to take another kick in the balls, but it appears to be holding, which to me, shows rock-bottom support for it.
Current gold price fixed at $1085 USD per ounce.
I think there might be a 5% short-term upside in the yellow metal.
via International Skeptics Forum http://ift.tt/1M5RUOx
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