Gold is over $1750 per ounce.
To track gold’s price, 24×7, go here:
The volatility of gold over the past two months has been high. It was as low as $1530 in late December. It has risen by over $200.
This scares off procrastinators.
I wrote this on January 30.
Across the nation, a band of perpetual procrastinators thought to themselves: “I knew! I knew! Why didn’t I buy?”
This is the never-ending cry of the perpetual gold procrastinator, year after year. “I knew! I knew!”
It is immediately followed with: “I’ve learned my lesson this time! The next time gold’s price falls, I’ll buy.”
No, he won’t.
Why not? Because, when gold falls, he’ll say this: “The decline is just getting started. It will fall even more. I’ll wait.”
He will wait patiently until gold’s fall reverses. He will then say to himself: “This is temporary. It will fall back.” Then comes the explosive move upward. Then he will say: “I knew! I knew! The next time gold’s price falls, I will buy. I mean it this time. I really mean it.”
Year after year after year, this is the pattern.
There is a page you can go to and find exactly what gold sold for, stretching back for over a decade. It’s here. Here we learn this: on September 5 and 6, gold peaked at $1,895. Then it fell. It bottomed on December 29 at $1,531.
It had moved back up to $1,600 by January 3. That should have sent a “buy” signal to every gold procrastinator. But gold procrastinators do not respond to buy signals. Ever.
They know. But this does them no good financially.
They live in agony. They never buy, and gold moves up. It has for over a decade. They do not learn. They prefer agony to profits.
But this does not make sense. No one prefers agony to profit.
Some people do. We call them masochists. “It hurts! It hurts! Don’t stop!”
My father-in-law was a missionary to the Western Shoshone Indian tribe in Nevada/Idaho from 1945-1955. He and an alcoholic physician with the Indian Health Service were the only full-time white men on the reservation.
There would occasionally be visitors on vacation. He told me about one of them. The man worked for one of the casinos in Reno. He worked at the craps table. He told my father-in-law about a man who had made $11,000 at the table. In the late 1940s, that was a lot of money. “He was drunk. He passed out just after he won. We put his chips in his pocket and put him in his room. He left the next day. That was the only man I ever saw who came out that far ahead.” My father-in-law asked him why. “They gamble to lose” was the answer. . . .
Most Americans would rather lose all of their wealth than call into question the American dream, as promised by Keynesians, Federal Reserve economists, and Civil Service-protected federal bureaucrats.
Most Americans are like that guy at the craps table in Reno. Their only hope is to pass out in front of their chips.
Gold sends a message. Here is the message: “You should not put your hope in Keynesianism, Federal Reserve monetary policy, and federal regulation.” . . .
THE FED’S LATEST PRONOUNCEMENT . . .
To read the rest, click the link.
Be prepared to buy some gold coins, such as American eagles. Shop prices. Use Camino Coin Company in Burlingame, CA as the benchmark.