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Gold Drops Below $1,200 An Ounce For First Time Since June
Before trying to pick a bottom in gold, one might consider what happened when gold collapsed after its big run-up in the 80s. It took decades before it began a new move up.
I have never ever understood the mentality of the gold and precious metal bugs. Gold hit $850 oz in January 1980. Silver hit $50 oz in April 1980. The Dow was under 1000 back then. If you want to create long term wealth, ignore the run for the hills, store food, bunker mentality of the precious metal bulls.
Junkster, I agree with you. Gold is good if you want a trading vehicle (not my game). Or maybe if you buy a little when its way down, and you're willing to wait decades to cash it in (its probably a good gift to give to your grandkids--gold coins).
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