Gold Is Your Lifeboat in Times of Financial Turmoil.
In this report I go over Jim Rogers' latest interview with SilverDoctors where he says the gold price could drop back below $1000 as he sees financial turmoil ahead.
I look at what gold did during the last time of turmoil back in 2008 and also differentiate the difference between paper gold and physical gold and how very different they are.
I note how the gold price in 2008 topped right around the time that Bears Stearns collapsed and had to be bailed out by the Federal Reserve vis JP Morgan. From then on until the collapse of Lehman Brothers in September 2008 the system almost imploded as all the major Wall Street and European banks were on the brink of collapse.
The climate in 2008 led to liquidation of all paper assets as counter party risk was a major worry and investors were fleeing the financial system and that included paper or other derivatives of gold.
The point I make is that even if Jim Rogers could be correct would you really want to sell your physical gold and silver in time of financial turmoil and put your money into the financial system and expose yourself to massive counter party risk?
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It is interesting for me if gold go down under 1000$ what will be the price for silver. I think we are at the bottom now.
if gold continue bull market a prefer to own more silver
I totally agree with you on gold. I think old Jim will miss his chance to buy cheap for exactly the reason that he thinks he will be able to. Many speculators are waiting to buy into gold because they think it will fall as the general market falls, it may fall slightly but it will bounce right back because the market is not that predictable. Sub-$1000? Possible, but unlikely in my opinion.
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Gold every day rises and falls hard to predict gold
But you are a summit with a wonderful expectation and closer to the subject
All I need to know is that when I was a kid gold was around 35 an ounce. Now 1300... they can talk all they want, but it is a waste of air.
I've got two Elliott Wave charts from two different people. One shows his preferred count going down to sub $800. The other shows this possibility as an alternate count. It is entirely within the realm of possibility that during a crash this could occur.
Now, it could be that we get hit with very high inflation that will skew all of this to the upside.