For The Gold Bugs
Well, I tell you summer is nearly here in Australia, and I can feel this summer is going to be a scorcher. Something else that is scorching hot on everyone’s lips is GOLD and the price of gold.
Longer term gold is a good thing, but it has been fluctuation a bit on Sunday night here. In fact there has been bit of a sell off today. But rightly so. After such a big run up, it was due. Even if it comes down more I will be rubbing my hands together as I will continue to buy the big dips. Because they are almost bound to happen.
Everybody and his brother is convinced gold is going to be at $1300 or even higher and while we do see this happening somewhere down the track, I wouldn’t count on this happening in the next day or so. It doesn’t work like that.
Many people start bouncing up and down like they have sculled a litre of some sort of tropical gummy berry juice every time they see gold creeping a little higher. I am here to play policeman, and here to tell you to slow down and realise this is a solid investment but you really need to take it slow.
We have been accumulating this since about the $500 p/ounce level and we were laughed at. Back then if you told someone gold was going to $1000 you would be laughed at, placed in the dunce corner and told what a jackass you were.
BUT….not only did we hit $1000 as we predicted but went right up to the 1020 market no sweat at all.
Remember buying at the top is the first big NO NO rule to investing. So be careful out there. So if you are a keen gold bug…let it breathe and get yourself some of the good stuff when its back a reasonable level.
