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Has the world lost its lust for gold?
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
truthingold.com / By truthing / April 19, 2013, 07:12
For all fully paid-up goldbugs, this has been a heart-stopping week. The precious metal they defend with religious zeal as an unadulterated store of value has looked anything but. On Monday, gold went into meltdown, crashing through the $1,400-an-ounce level to dive 9.3 per cent – the worst one-day fall in 30 years.
Fortunes were lost. John Paulson, the American hedge fund manager famed for making a packet when the roof came off the US subprime mortgage market, is said to have blown $1.5 billion. Shares in Barrick Gold, Polymetal and Randgold Resources plunged. And small investors arriving late to the metal’s 12-year bull run kicked themselves for failing to heed that Shakespearean investment advice, namely that “all that glisters is not gold”.
Naturally enough, bookie Paddy Power got in on the act, slashing its odds on more market carnage, with the choice advice that: “If you’ve been thinking about pulling out your fillings, or melting down the gold wedding ring your ex-wife threw in your face, then you’d better get on with it.”
What, though, is going on? And where is the gold price heading? Answering that is far trickier. Not least, because as Nik Stanojevic, of investment manager Brewin Dolphin, points out: “The gold price is driven purely by investor sentiment, and there is no fundamental way to forecast prices.”
Thanks to BrotherJohnF
2013-04-20 09:45:41
Source: http://silveristhenew.com/2013/04/20/has-the-world-lost-its-lust-for-gold/
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