RE:Laughed At!tootall123 wrote: Laughed At!
In the year 2000 I was working for a living and this was about the same time I started posting on Stockhouse Bull Boards, the price of gold was at about $275 bucks and this is when I started to bang the drum that gold will be going to $1000 bucks and all of my co workers friends and the stock house posters were all laughing at me and calling me crazy. Well well well, the price of gold went thru $1000 and hit $2000.
Fast forward to today 2023 and I am banging the drum again that gold will go to $5000+++ and the same people are laughing at me again and calling me crazy again.
GOLD IS KING.....
Congradulations
You were in at the right time and did well like a lot of other people.
Biut gold moves in cycles and it reflects the prevailing mood of society.
The cycles are very long and peak when there is peak anxiety in the way things are going.
Back in the early 80s...80, 81, 82, there was a horrific and brutal recession caused by Paul Volker's raising interest rates to 20%. Companies were shutting down by the thousands. Mine did too. People were talking about buying a farm to survive. There was fear....lots of it. That's why gold skyrocketed to $800. I remember people were lined up half a block at the gold dealers buying at that price. I did too.
Well the recession eventually turned around and by 86, gold was back down to under $400
And it continued to slide down to 250 by 2002.
Fast forward to the global financial crisis. Again high anxiety and fear....gold shoots to almost 2000. Recovery begins and by 2014 gold falls to 950.
Then again, the covid crisis brings gold back to over 2000.
Right now we are at a consolidation and restructuring period in the global economy and financial system post covid.
If history is any guide, the human spirit and the ingenuity of the young will again propel society to new levels of prosperity I'm the coming years.
I lost a fortune back in 1982 buying gold at $800. But I knew others who did worse. A freind of mine went out and borrowed $100,000 to buy silver at $50 back ( a lot of money back then) then only to see the price fall 90% in the next couple of years. I ran into him about 10 years later. He was still working his ... off to pay back that loan.
So just because you were lucky and got in this gold cycle at 250 and saw huge gains over the next 9 years, it doesn't mean anything.
We may see gold fall back to $900 if the world economy improves. We may see it go to $5000 it there is great upheaval in the world...wars, financial collapse.
GOLD IS A FEAR TRADE. The sooner people understand this the sooner they will learn when and when not to invest in gold
You're happy with your gains.
But NO ONE CAN PREDICT THE FUTURE