Having some silver around doesn't hurt, and it's not like you're trading a Rolex for a loaf of bread....
Noerthwest Territorial Mint
Posted on 01/11/2011 4:34:44 PM PST by DeaconBenjamin
Robin Griffiths, a technical strategist at Cazenove Capital, told CNBC: "I think not owning gold is a form of insanity. It may even show unhealthy masochistic tendencies, which might need medical attention."
He added that the dollar was heading for "oblivion".
Mr Griffiths predicted that gold's 10-year bull run would continue and even intensify. "Although it's been a top performer for each of the last 10 years, it's still in a linear trend," he said. "Eventually it will go exponential and make more in the last little bit than the whole of the 10-year trend."
He said investors should regard any short-term falls in the gold price as a buying opportunity, adding that gold was still not an "over-owned trade".
His comments come against the background of the US Federal Reserve's huge monetary stimulus from quantitative easing, which many believe will result in inflation and a fall in the value of the dollar.
"The downward trend in the dollar is awesomely powerful," Mr Griffiths said. "It's vital to get yourself out of the dollar long-term on any significant rally. Continuing to own a currency that is going to be printed virtually into oblivion – that's the official policy – is crazy."
He added: "Real assets hedge paper money being printed into oblivion, so you've got to own gold and you've got to own other commodity-related investments still."
Gold hit an all-time high of $1,432 last month and is currently trading around $1,375.
Meanwhile, the gold price would have to exceed $2,000 for the metal to be considered in a bubble, according to an analyst at Deutsche Bank. "We believe gold will continue to compete aggressively for investment capital," said Michael Lewis in a report.
(Excerpt) Read more at telegraph.co.uk ...
There's no end in sight, right Robin? Just like many of his fellow "investment strategists" said about the bull run of the stock market in the late '90s.
How are you going to buy gas and groceries with it when the wall comes crashing down?
Robin Griffiths, a technical strategist at Cazenove Capital, told CNBC: "I think not owning gold is a form of insanity. It may even show unhealthy masochistic tendencies, which might need medical attention."
Blowback!
How are you going to eat gold when it all comes crashing down?
Use a pocket knife to cut off a piece the size of a period at the end of a sentence. Give it to the cashier. That should buy a whole bunch of gas or food some day.
Sounds like somebody bought high and needs to bail, lol.
Easy,have a gold account that you can exchange your gold into any currency connected to a universal atm account access.
It’s not that hard to spend $140 (1/10 oz gold) on groceries and home supplies at a single visit to Sam’s Club.
Little hyperbole here. I wondered when an investment advisor might broadcast such a message through such venues. ...shades of Hernando Cortez? ...maybe some historical religious significance there?
The gold is for more expensive purchases. I plan to use silver for everyday stuff.
I smell bubble about to pop.
Am I wrong in thinking that if the dollar really crashes into oblivion our society will break down completely and me owning gold won’t mean jack shit?
It’s about people trying to hang on to some of the money that they’re losing in other investments. Keeping gold for local transactions could lead to losses. Gardening and technical/mechanical work experience are probably the best answers to having necessities through rough times.
You mean, because Helicopter Ben is going to stop pumping paper into the economy?
You would have been wrong in thinking that when the Icelandic Krona crashed into oblivion, gold had no value.
Junk silver. Pre 1965 coins that are 90% silver.
Only an idiot would suggest buy gold and neglect everything else.
‘He added that the dollar was heading for “oblivion”
Economists foretell of U.S. decline, China’s ascension
“The United States will need to come to terms with the fact that its prevalence in the world is fated to come to an end, Jorgenson said. This will be difficult for many Americans to swallow and the United States should brace for social unrest amid blame over who was responsible for squandering global primacy, he said.
MIT’s Simon Johnson put it more bluntly, saying the damage from the financial crisis and its aftermath have dealt U.S. prominence a permanent blow.
“The age of American predominance is over,” he told a panel. “The (Chinese) Yuan will be the world’s reserve currency within two decades.”
In full
http://af.reuters.com/article/cameroonNews/idAFN0924909720110109?pageNumber=2&virtualBrandChannel=0
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