Quote:
Originally Posted by Brujah
You sir know nothing about gold. It will continue to rise and someday be $1 million per ounce. Then you will be sorry.
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It will continue to rise until there is stability and confidence in the currencies of the world, especially the USD, and that isn't going to happen anytime soon. As the USD goes, gold is only going to rise. Print more money, dollar value goes down, gold goes up.
History... know your history. And also know the reasons why people / countries hold gold, and continue to buy it even though it is at a record high. The Central Banks have bought more gold in the first half of this year than they did all of last year combined. Countries are stock piling it in tons and are buying even though it's high. And though it is unlikely, they probably know something the brilliant webmasters at GFY don't know.
What I would like to know is, all of you who think gold is a terrible buy, what exactly do you have to buy a new currency should the USD collapse and a new currency is issued? You think they are just going to drive through the streets tossing out free money? Lets hope nothing like that ever happens, but the path the USA is on is unsustainable. Something will give sooner or later. Pray to your god it's not a currency collapse. If you know anything about currency and history, you would know a new currency method is introduced every 25 - 40 years or so. We went off the gold standard in 1971, so we're do. No telling what is next, but there is a good chance dollars won't be worth very much when you try to cash them in for whatever is next.
Most of you have health insurance, car insurance, and home insurance, yet you do not have currency insurance. That's where precious metals come in. Doesn't hurt to own a little bit of it, nor is it crazy. Just in case. After all, isn't that why you insure everything else in your life? Just in case the worst happens.
Gold is up 17% in 2011 alone (and rising). Hardly a stupid investment. Even if you got in now, it's going to rise a lot more before it's all over. But like anything else, real state, stocks, other metals... all of it carries risk. But then again, so does holding onto a falling currency. That's just the way it works.
Just spend some time reading up on history, money, currency, and gold. No need to take anyone's word for it, see what happened in the past and you will clearly see what may be coming in the near future. Plan for the worst and hope for the best. That's all you can do.