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Peter Schiff
http://peterschiffblog.blogspot.com/2009/12/gold-likely-to-hit-5000-usd.html
I knew I'd seen a report about gold going to 5000 USD. So i went back through some news feeds and found peter schiff's blog post. He's pretty on the money. Check out his blog! There's another report he did that said that 1200 USD oz is cheap!
mothyspace
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I used to be the man. Until I decided to stick it to myself - mothyspace
A nation of sheep will beget a government of wolves. – Edward R. Murrow
http://www.youtube.com/watch?v=G1W0pP6A8BE
http://www.youtube.com/watch?v=VlMuAuZ6DS8
I'm personally avoiding it; it's a crash waiting to happen. If I bought gold earlier, I'd sell it about now. Don't want to be around when THIS bubble pops. And it won't be something you can blame on the fed.
I disagree with patientliberty7 here on this point. If this is a bubble, as has been stated, it most certainly has roots in the central banks of the world, not only are india, sri lanka, and Korea's central banks buying up gold (helping to cause a massive price spike), but the international monetary fund is selling off gold too, which is increasing the volume of trading. Add to that, peoples lack of confidence (justly so) due to inflationary pressure, and the case is made that the aforementioned bubble is the fault of central banks.
Increasing prices does not necessarily mean something is in a bubble. Classic bubbles form not when demand overwhelms supply, but when there is plenty of supply (and supply keeps increasing dramatically) but the price keeps going up anyway. As FUR3jr points out, this is not currently the case with gold.
When adjusted for inflation, gold is nowhere close its all-time highs. The gold market is more volatile than other markets because it is so small; the entire gold market is smaller than Exxon's market cap.
Part of Schiff's prediction is due to the future decreased purchasing power of the dollar. He's not saying that gold will shoot up to $5,000 tomorrow, but that as the dollar erodes, the dollar price of gold will rise. Finally, when folks realize that they had better get their wealth into physical assets, there will probably be a huge run-up in gold (as well as a mania in other hard assets). That's when the bubble forms.
The great non sequitur committed by defenders of the State, including classical Aristotelian and Thomist philosophers, is to leap from the necessity of society to the necessity of the State.--Murray N. Rothbard