I had a house I bought in 2002 that tripled in value by 2005 and fell to half value by 2009. So, seeing the potential, I bought a lot of houses in 2009/2010/2011 and 2012 and they have appreciated about 89%. When the gold crash comes, I will buy as much as I can within my assets allocations. Why? Because we'v seen the potential. Think about these people who bought at $350 not that long ago. Either they sold at $1900 or they didn't. in which case its worth $1300 now.
Buy when they cry. I'm hoping to get some $500 gold and $10 silver. Is it likely?
Go to the dalers and see if you can get any junk silver or buy gold for spot. You can't. Market machinations are driving down the prices, the real thing is carrying a substantial premium.
Today is not the time t buy. Lower prices ahead before it cimbs back up. Even after QR ens, if ever, there are 10s of trillions of fiat dollars floating around. So far, so good and maybe we can print indefinitely. And maybe not.
You don't think that the 1999 date was cherry picked? I mean why would anyone use a 13 year time span unless they were cherry picking? 5 years, 10 years, 20 years, 25 years, 30 years, 40 years, 50 years would all be logical, so would using the date that a specific POTUS took office, or the date that a significant change happened in our economy. But one someone picks the peak of a bubble year (the .com bubble), which doesn't happen to coincide with any other logical date, I have to assume that they were cherry picking to prove a point. To me, that indicates a significant likelyhood of intellectual dishonesty.
As for why he chose 1999 - you will have to ask him.
But I suspect because that was just before the western governments began to abandon fiscal responsibility...
If he was 'cherry picking' - then why would we choose 1999? Gold did not start moving until 2001/2002. In fact, gold was actually lower in early 2001 then it was in 1999.
View attachment 67148343
Gold Price History
http://www.nma.org/pdf/gold/his_gold_prices.pdf
As for why he chose 1999 - you will have to ask him.
But I suspect because that was just before the western governments began to abandon fiscal responsibility, embrace artificially low interest rates and the manipulation of the housing market (through these and other means) soon began which led to the monetary instability/inflationary concerns which helped start the gold bull run.
Additionally, this was an excerpt from (what I assume) was an interview. We do not know to what question he was answering or what context he was speaking in.
Ah yes the Gold rush is over, the Banksters have run out of real, physical gold, but they still can play the naked short paper gold racket!
The gold rush is over for western Governments, Banksters and ETFs, since they underhandedly sold all their gold to suppress prices, a crime perpetrated for the last four decades, since the London Gold Pool collapsed in 1968! ETFs are being shorted by the Banksters and the gold is being looted to meet physical demand!
Banksters have criminally rehypothecated 200x over the same oz of gold in customers’ pooled accounts and looted (stolen) every allocated gold account of their customers, just to meet the demand for real money!
In fact, demand for Real Money is so overwhelming that it lead to such a crisis in the bullion banksters’ fractional bullion racket, where they were close to default because of their criminal, fraudulent racket, that a white house meeting of the top 14 banksters was called.
And the following day on April 12th yet another massive smash started with 400 tons of (naked shorts) gold being dumped to destroy the price; in all over a thousand tons of naked papers shorts, over a year’s production, was dumped over Friday/Monday to get a destruction of $220 in the price of gold.
But of course Banksters, the Government, Fed and BIS are all at the suppression game 24/7 and have been so since 1968 with naked paper shorts.
ABN Amro was the first to admit that they are cleaned out of gold and will not honour their commitment and contractual obligations to its customers!
Successful and prosperous countries all purchase gold by the truckloads, and the ailing, terminally ill countries of the west are idiotically selling their family jewels at artificially suppressed and destroyed prices to the new economic powers of the east.
No more cogent proof of the failed and scurrilous policies of western decision makers than the shift of power to the east with the sale of gold, which is, has and always will be the real choice of money for humanity, bar the Keynesian dunces now calling the shots.
In light of the parlous and desperate situation the US economy finds itself in it is edifying to note that Roubini was an economic advisor to the Government!
Yes Keynesianism is all there is left now in the cupboard of economic wizardry of the ‘intelligentsia’ running the show.
This Keynesianism is akin to taking a dollar from a kid then giving him four quarters back and telling him that he now has more wealth since he’s now in possession of four pieces!
Yep, cutting the pie into ever smaller pieces by printing more and more confetti dollars to chase the same goods is making us all wealthier; we can print ourselves to prosperity, Mr. Keynes!
Roubini deserves the Nobel Prize for Economics for fathoming that the gold bubble has burst, as much as warmongering, drone massacre Obama, and the country destroying EU deserved the Peace Prize!
Being a professor and instilling innocent minds with such wisdoms leaves us no hope for the future, in fact the system is totally rigged in favour of TPTB who are all in the same boat of the Fiat Currency racket based on Fractional Reserve Banking owned by the Bankster/DC cartel, and its ensuing Keynesianism to oblivion.
But the day of reckoning will come and it won’t be pretty; the economy is NOT improving Mr Roubini; all the stats are now completely meaningless, since they’re so perverted and falsified, often by a factor of four or more, that only a complete dunce, or a conniving colluder would proffer them as gospel and make pronunciations based on them!
Humanity must be wrong for choosing gold as their tried and trusted choice as a store of their wealth, and Roubini must be right in deriding humanities’ choice and advocating cutting the same piece of pie into ever smaller pieces and telling the sheeples that they now are wealthier!
Well the jury is in; the terminal decline of western economies desperately and underhandedly suppressing, deriding and selling their gold, and the unrelenting rise of the East and its wholesale buying of the only tried and proven store of wealth over five millennia is a cogent judgment on who’s got the right policies, and who’s reduced to resort to nefarious, obtuse and criminal means in a desperate attempt to keep a dying, iniquitous system afloat!
We’ll send our kids to study in Austria!
Making childish, nonsensical statements like this is why I generally ignore what you type...I don't pay attention to trolls. I ESPECIALLY don't pay attention to angry, close-minded, ignorant trolls.Seriously? If you don't know why he picked 99, you understand nothing of what he is saying.
99 was the market peak. When you want to pretend an asset is good, you just look for the peak of the comparator and count from there.
Gold is a nearly useless commodity of value only for adornment mostly. Gold as money is even more useless.
When you want to pretend an asset is good...
Well, what a scholarly and penetrating rebuttal of gold, you’ve even outdone Roubini in incisiveness and clarity of thought, are you a Professor of Economics?
Sure, gold is the least understood and most derided Money, mostly by bankster shills, whose only game is the Fiat Currency racket where they can rape the populace at will out of quadrillions and buy all the MSM, shills and the entire political/judicial/educational machinery to perpetuate the crime against humanity, and have the sheeples even cheering on their own rape, fleecing and enslavement!
So one shouldn’t pay any heed to the paid naysayers who can’t even come up with anything resembling coherent thoughts as this derisory, embarrassing diatribe of Professor Roubini.
1. “Gold gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.”
2. “The problem with commodities is that you are betting on what someone else would pay for them in six months. The commodity itself isn’t going to do anything for you….it is an entirely different game to buy a lump of something and hope that somebody else pays you more for that lump two years from now than it is to buy something that you expect to produce income for you over time.”
3. “Gold is a way of going long on fear, and it has been a pretty good way of going long on fear from time to time. But you really have to hope people become more afraid in a year or two years than they are now. And if they become more afraid you make money, if they become less afraid you lose money, but the gold itself doesn’t produce anything."
4. “I will say this about gold. If you took all the gold in the world, it would roughly make a cube 67 feet on a side…Now for that same cube of gold, it would be worth at today’s market prices about $7 trillion – that’s probably about a third of the value of all the stocks in the United States…For $7 trillion…you could have all the farmland in the United States, you could have about seven Exxon Mobils (XOM) and you could have a trillion dollars of walking-around money…And if you offered me the choice of looking at some 67 foot cube of gold and looking at it all day, and you know me touching it and fondling it occasionally…Call me crazy, but I’ll take the farmland and the Exxon Mobils.”
5. “The major asset in this category is gold, currently a huge favorite of investors who fear almost all other assets, especially paper money (of whose value, as noted, they are right to be fearful). Gold, however, has two significant shortcomings, being neither of much use nor procreative. True, gold has some industrial and decorative utility, but the demand for these purposes is both limited and incapable of soaking up new production. Meanwhile, if you own one ounce of gold for an eternity, you will still own one ounce at its end.”
6. “What motivates most gold purchasers is their belief that the ranks of the fearful will grow. During the past decade that belief has proved correct. Beyond that, the rising price has on its own generated additional buying enthusiasm, attracting purchasers who see the rise as validating an investment thesis. As 'bandwagon' investors join any party, they create their own truth — for a while."
7. “I have no views as to where it will be, but the one thing I can tell you is it won’t do anything between now and then except look at you. Whereas, you know, Coca-Cola (KO) will be making money, and I think Wells Fargo (WFC) will be making a lot of money and there will be a lot — and it’s a lot — it’s a lot better to have a goose that keeps laying eggs than a goose that just sits there and eats insurance and storage and a few things like that."
'Nouriel Roubini | After the Gold Rush
Venice: The run-up in gold prices in recent years—from $800 per ounce in early 2009 to above $1,900 in the fall of 2011—had all the features of a bubble. And now, like all asset-price surges that are divorced from the fundamentals of supply and demand, the gold bubble is deflating.
At the peak, gold bugs—a combination of paranoid investors and others with a fear-based political agenda—were happily predicting gold prices going to $2,000, $3,000, and even to $5,000 in a matter of years. But prices have moved mostly downward since then. In April, gold was selling for close to $1,300 per ounce—and the price is still hovering below $1400, an almost 30% drop from the 2011 high.
There are many reasons why the bubble has burst, and why gold prices are likely to move much lower, toward $1,000 by 2015.
First, gold prices tend to spike when there are serious economic, financial, and geopolitical risks in the global economy. During the global financial crisis, even the safety of bank deposits and government bonds was in doubt for some investors. If you worry about financial Armageddon, it is indeed metaphorically the time to stock your bunker with guns, ammunition, canned food, and gold bars.
But, even in that dire scenario, gold might be a poor investment. Indeed, at the peak of the global financial crisis in 2008 and 2009, gold prices fell sharply a few times. In an extreme credit crunch, leveraged purchases of gold cause forced sales, because any price correction triggers margin calls. As a result, gold can be very volatile—upward and downward—at the peak of a crisis.'
Nouriel Roubini | After the Gold Rush | Nouriel Roubini Blog
So Dr. Doom says the gold bull market is over.
Of course, he has never been big on gold...like Warren Buffett.
And of course, he is mostly wrong on this (imo) and is apparently missing the fundamentals of precious metals - monetary instability/inflationary concerns.
Gold is not an investment when markets are collapsing...unless monetary confidence is in short supply.
The fundamentals of precious metals are much better then they were (IMO) when gold was almost $2G's per ounce...and are getting better every day.
And when the western world/Japan can no longer prop themselves up with masking CPI's/artificially low interest rates/government debt/central bank money 'printing'...those fundamentals will be (imo) made clear for all to see.
Patience is essential when you own gold/silver...it's a real roller coaster.
'Buy the ticket, take the ride'.
Hunter S. Thompson
Just to prove that Nouriel Roubini does not understand gold:
2500 metric tons of gold is mined every year. That's five times more than what was mined in 1900.Ah yes the Gold rush is over, the Banksters have run out of real, physical gold....
No major economy is using gold as currency right now.In fact, demand for Real Money is so overwhelming that it lead to such a crisis in the bullion banksters’ fractional bullion racket....
..or, gold has been in a bubble, and as is often the case, the proximate cause (fear that Cyprus would sell off gold reserves) masks the underlying cause (the prices were no longer sustainable).the following day on April 12th yet another massive smash started with 400 tons of (naked shorts) gold being dumped to destroy the price; in all over a thousand tons of naked papers shorts, over a year’s production, was dumped over Friday/Monday to get a destruction of $220 in the price of gold.
I wouldn't say that, he's a Perma-Bear and is frequently wrong. But I would say that his Guardian article this week is largely correct.Roubini deserves the Nobel Prize for Economics for fathoming that the gold bubble has burst....
Yep, now you're getting it.Humanity must be wrong for choosing gold as their tried and trusted choice as a store of their wealth
I wouldn't say that, he's a Perma-Bear and is frequently wrong. But I would say that his Guardian article this week is largely correct.
I'm not sure what you're referring to here.I would say he doesn't understand the fundamentals of gold.
I'm not sure what you're referring to here.
This is the Guardian article I'm referencing: Gold prices are heading towards $1,000 | Nouriel Roubini | Business | guardian.co.uk
Again, I don't agree with many of his analyses, but I'd say this particular analysis is basically correct.
I would like to take the opportunity at this time to thank all the suckers who bought gold in 2010 and 2011, because the gold ETF I bought in 08 basically doubled my money when I sold in 2010-11.
I would especially like to thank Glenn Beck and all the other paranoid right wing nutjobs for helping to spike the price because they were scared a black man was in the White House.
I couldnt have bought that boat without you saps. And I appreciate it.
Marc Faber: In Asia, we see a huge demand for Physical GOLD. Personally, I do not sell my GOLD.
'The Shareholder: Mr. Faber, the gold bubble has finally burst?
Marc Faber: This is of course the question posed at present all investors. Technically speaking, there has been a massive decline. And for all technical means investors this price drop well that the bull market is over. But one must not forget that the fundamental environment speaks for gold remains. The money supply is increased considerably worldwide, the debt increases and shrinks the confidence in the banks. And do not forget: In Asia, we see a huge demand for physical gold. Personally, I do not sell my gold.'
Marc Faber: In Asia, we see a huge demand for Physical GOLD. Personally, I do not sell my GOLD. | MARC FABER BLOG
I'm long gold probably over the next couple of years as large selloffs occur and people unwind their hedged positions.
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