Gold down

Gold took a beating today along with stocks and is back down near $1000 an ounce. People are freaking out over possible sovereign defaults in Greece, Portugal and elsewhere. Instead of heading for gold, they are dumping all assets and heading for Zimbabwe Ben dollars. I don't think faith in fiat currencies will last forever. If I weren't already betting the farm against the dollar by buying a house with a 30-year-fixed mortgage, I'd be adding more gold at these levels.


reddog said...

Don't buy gold yet. Another $25 down or so and a bunch of sell programs will probably kick in, then no telling how low it might go.

My best guess for the lowest it could possibly go would be $800 but if it gets that low there's nothing to stop it going lower. If it does, gold stocks could become the best buy of the century. I'm going to be all over them if that happens.

B-Daddy said...

I am not smart enough to time my buys and consider the impact of software on market prices, so I am in it for the long haul. 30 year fixed, gold in the portfolio, diversified portfolio and ride it out by continuing to invest.

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