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A Gold Bubble? Ha ha ha ha ha ha .......
The following is an excerpt from Eric Sprott's recent commentary entitled No bubble as gold, silver rise on U.S. dollar woes.
The following is an excerpt from Eric Sprott's recent commentary entitled No bubble as gold, silver rise on U.S. dollar woes.
With the economic outlook deteriorating, more quantitative easing on the horizon globally, currency unrest mounting everywhere and physical supplies of gold and silver dwindling, the powers-that-be have their work cut out for them if they hope to keep the prices of gold and silver in check.
The suggestion that gold is in a bubble phase is the latest tactic of the anti-gold crowd, whose predictions, incidentally, for the price of gold and silver have now been consistently wrong for 10 years.
Jimmy Rogers, who is one of the world's leading authorities on commodities, dealth with the bubble issue recently by recounting and interesting anecdote. While addressing a group of high-end money managers, he inquired as to how many of them held gold or silver in their accounts and, remarkable, 75% replied that they had never owned either precious metal.
As far as I'm concerned, that put to rest any idea that we are even remotely close to a bubble in gold or silver. When gold is trading at several multiples of the current price at some point in the future, you can be assured that every single person at a similar gathering would be long and then discussion of a bubble might be legitimate. In my considered opinion, we are many years and thousands of dollars in price away from that debate.
The suggestion that gold is in a bubble phase is the latest tactic of the anti-gold crowd, whose predictions, incidentally, for the price of gold and silver have now been consistently wrong for 10 years.
Jimmy Rogers, who is one of the world's leading authorities on commodities, dealth with the bubble issue recently by recounting and interesting anecdote. While addressing a group of high-end money managers, he inquired as to how many of them held gold or silver in their accounts and, remarkable, 75% replied that they had never owned either precious metal.
As far as I'm concerned, that put to rest any idea that we are even remotely close to a bubble in gold or silver. When gold is trading at several multiples of the current price at some point in the future, you can be assured that every single person at a similar gathering would be long and then discussion of a bubble might be legitimate. In my considered opinion, we are many years and thousands of dollars in price away from that debate.