I hatesss the preciousss (mainly because I sold out prematurely to pay off a debt).
Gold hit its 15th record high in less than a month, rising to $1,354 per ounce today. To put that into proper perspective, that’s more than enough to buy a 13 inch, 2.4 GHz MacBook Pro, or about two forays into the private room at Flashdancers.
I won’t be back in at these prices. Back into gold, I mean.
If the surge in the precious metal is due to a systemic lack of faith in the dollar, there are far better places to “preserve” your “wealth.” Like multinational energy stocks — even though the entire U.S. has turned into a frozen tundra of unemployed people in trailer parks, watching pirated copies of The Social Network on their ancient Compaq desktops and “liking” Sarah Palin posts on Facebook, other parts of the world are still growing. Growth. You remember what that is, right?
China, India and Russia will need increasingly greater quantities of energy (a.k.a. oil) to fuel their economies.
Also: big agri stocks. More people on the planet, so you need more food. Fortunately most of our land has been turned into Applebee’s parking lots, which means agri will do well as wheat continues to rise.