Thursday, September 3, 2009


A Pleasant Thought

At my request, MercedesRules (who is a serious gold bug) has been sending me some of the commentary from today. A few of the really paranoid guys are predicting that gold will break $1000 tomorrow in conjunction with an awful jobs report. Regardless, they are sure the end of life as we know it is near.

At the Mises Circle last weekend, I reminded the audience that at this stage in George Bush's presidency, 9/11 hadn't occurred yet. "So the best is yet to come."

If it hits $1,000, I expect it to fall very fast. Most traders probably have sell order priced in at $1,000. That's when the profit-taking kicks in.

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