Gold Tops $1,500 Per Ounce: Now Don’t You Wish You’d Listened to Glenn Beck?
25th April 2011
The Other McCain indulges in a few Nyah Nyahs.
A little less than a year ago — on May 20, 2010, to be exact — I first took notice of Democrat Rep. Anthony Weiner’s attack on Glenn Beck for encouraging people to buy gold.
But anyone with the most basic understanding of economics could see that the Obama administration’s policies were inflationary and so, despite Weiner’s attacks, if Beck was telling people to buy gold, he was actually giving them sound advice. On that day, May 20, 2010, the latest closing price for gold was $1,192.60 per ounce. As of this past Friday, gold was at $1,503.40 per ounce.
April 25th, 2011 at 22:56
Gold is up on speculation, demand in China, and the crashing dollar. Sure, it’s always good to have an investment that goes up, but gold went up to around $1K in the 1980’s before crashing to around $300.
Gold is a commodity. If the price is high enough, companies can afford to open new mines and refine more of it. Same is true with oil, coal, pretty much anything. If they dig up enough, the price will go down.
Never get married to any investment. “Buy low, sell high”. Never buy without setting a sell price. If you buy when the price is high, don’t be surprised if it stops going up or falls.