| The smart money, so to speak, seems to think that gold has peaked. I won't claim to hold an informed opinion on whether that is true or not. On the other hand I am very pleased that I didn't move into gold the last time it ran up like this back in 1980 when it reached $850 an ounce.
Adjusted for inflation gold would have to be trading at $2,500 an ounce to reach 1980s levels. That suggests either that gold is currently undervalued or that gold's volatility can be deceptive. I suspect the latter is the case.
Rick
"When fascism comes to America, it will be wrapped in the flag and carrying a cross." Sinclair Lewis |