How's your gold doing?

Precious metals were hit hard. Gold tumbled to its lowest level in almost three years, shedding 6.4 per cent to trade at $1,286.20 US an ounce by end of day.

Just curious how people's hoards of gold is. I saw it as a good play when it was 300 and 600... But when the "cash 4 gold" stores started popping up everywhere, and the scams starting materializing... I saw something wrong. A large group of people trying to make a superficial bubble out of gold to recoup or double down what they either made or lost in the housing bubble.

Now that gold is coming back to reality... Just wondering how everyone made out.

reply to post by boncho


Gold? what gold...?

I've never liked trinkets...never owned any. Except the golden chain my grandmother gave me....which I immediately lost, the day after.

So to recap...no gold for me.

Am I doomed?

reply to post by boncho


The gold is fine. It's remarkably resilient. Unlike the US dollar which has lost 98% of it's value in just under 100 years.

That's OK. The supply of USD is based (loosely) on the 15 Trillion $ of outstanding US government securities, to which the US adds 1 trillion more each year. No prob. money doesn't grow on trees does it? Can't just print a pallet of 100's and air drop it on a whim. Can't just add a few zeros on a computer screen. No, things are just fine.

Gold mining however? That's a loser. They need crude @ $90/bbl. Mines will be closing. Maybe they'll get a bailout?