Posted on 10/05/2010 3:47:53 PM PDT by Rufus2007
One of the most embattled commodities over the last few years as the economy has struggled has been one of the most precious of all metals – gold.
Over the last 12 months, the price of gold has appreciated considerably. But CNBC host Jim Cramer contends it is going higher – much higher. In an Oct. 5 interview for with Alix Steel, a reporter from Cramer’s website TheStreet.com, Cramer explained that the current high price of gold is not the result of a bubble, which he debunked by explaining the definition of a bubble.
“Well you see, bubble’s a complicated term because a bubble to me implies that you’re never going to get your money back,” Cramer said. “People say that there's bubble in bonds – you will get money back just you may not do that well. Bubble in Chinese real estate – entirely possible. The Chinese economy is a growth economy and can sustain a bubble in one area and not others. The gold bubble is what people talk about. They talk about it when gold’s down for a given day but -- I think as our resident gold expert, I mean you could tell us – finding costs have gone up. There’s just not a lot around.”
...more (w/video)...
(Excerpt) Read more at newsbusters.org ...
Now that Cramer said this, I believe I’d sell every ounce I had.
You actually believe this idiot?
No, Cramer is always right! [/s]
Jim Cramer has gotten on the gold bandwagon?
ROFL! That’s a sure sign it’s going to flop. And HARD.
I’m going to scrape up a few more bucks and buy more DZZ.
You actually believe this idiot?
He is always wrong isn’t he? Now I am worried.
Seriously. If ever there was a signal of a TOP, this is it!
Some governments have STOPPED selling their gold reserves.
$2000 Gold will yield $50-$100 silver. Much more upside in silver my friends. Skip that “my friends” comment. That’s creepy.
The problem with gold is worse than that of bubbles. The stuff is totally useless other than for electrical connectors and bracelets and there are other much cheaper metals to make connectors and bracelets out of. The value of the stuff is totally based on psychology and psychiatry, and not on economics or physics. The danger is that the human race might wake up and the stuff be viewed as worthless the next morning.
Just talking over dinner tonight about selling my gold. My 17 year old son told me to sell last week.
I think this means sell.
>> Seriously. If ever there was a signal of a TOP, this is it!
heh... yeah, but don’t forget the “blind squirrel factor”. And Cramer is almost there: he has the squirrel part down pat.
Funny... I almost pinged you to this thread, but after my last cautionary FReepmail lecture I didn’t think it would be seemly. :-)
Cramer is a superior contrarian indicator...
>> Much more upside in silver my friends.
Yer creepin’ me out, FRiend. :-)
You’re prolly right about the silver upside though.
Beck suggested to start storing food. Soros might be banking on the collapse of the dollar.
Silver is undervalued compared to gold. It’s also a lot easier to use (in smaller amounts) than gold.
I reduced my holdings today at a nice capital gain.
sell sell sell
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