Tuesday, November 22, 2011
What caused Gold to go below $1700 ?
CNBC panel trying to analyze what's going on on the gold market these couple of days what really caused gold to tumbl below $1700 an ounce Grasso vs. Weiss on Gold as a risk asset "it's better to have gold in your portfolio versus paper money." Grasso says , "at this point gold is a risk asset. it's no different from going to a leg nation fund where you buy at the top and you're the last one in. you're not making money so you're selling" Weiss argued trying to explain the recent sell off in the gold ....
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I was told by someone in the know about the world economic crisis that gold would indeed temporarily go down for reasons not mentioned in this video:
ReplyDelete1) As people flee the Euro, they are getting into American dollars because the U.S. is not as bad off as Europe. Once they discover that the U.S. isn't better off, they then get into gold.
2) As people take huge losses in the stock markets and with the Euro, they sell their gold to pay off the debt.
3) As both Europe and the U.S. economies begin falling, gold will skyrocket.
In summation, buy gold now because it will skyrocket in the future.