Gold Passes $800 per ounce…God Bless America!
New York spot gold closed today at $804.50 up over $14 per ounce. Thank you Ben Bernanke for circulating all that fresh new US currency and pushing the value of gold even higher! God bless America.
Where was gold just 60 days ago?
Check out this chart, the price was $130+ per ounce cheaper.
hmm..yes keep those printing presses going and inflate the USD right out of existence!
It is at times such as these that I think gold investors and “gold bugs” need to remind themselves that they aren’t “making money” with their gold. They are merely preserving the value of their real money (ie gold!) with respect to the funny money (fiat).
In a different sense it can be advantageous if you intend to sell your gold because you’ve now gained more of the funny money which you can use to purchase various items. This is all good as long as the gains gotten from the appreciation of your gold are higher than the real inflation rate.
I am not an economist so I cannot tell if the increase in the value of gold has outpaced real inflation (not the phony inflation reported by the “experts” who exclude so many important items from their ‘basket of goods” – make you think they are really big into picnics lol), but I will chose to keep my gold for now and see where this financial crash on acid leads us.
I just hope that we don’t get into such a bad situation where the USD finds itself a new home – the lavatory!