So much for the half-baked theory that a crashing dollar would drive gold sky-high (Congress, illegal)
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I never said the financial media didn't cover gold prices. Gold was not the topic of everyday conversation like Internet stocks and home prices were.
Despite your bizarre rantings against gold you have not yet shown that it was ever in a "bubble" or that it has "collapsed".
For gold to burst some sort of bubble it would have to collapse down to the price where the bubble began.
Do you know anything about gold investing?
Gold may not have been a topic of everyday conversation with folks YOU know, but it was with a LOT of other people."Gold Fever" was a big deal for a LOT of people. There was so much interest in it, it even had/has a reality-TV show (Discovery TV's "Gold Rush" about the subject - which began airing in 2010).
WHERE in the definition of bubble does it say it has to "collapse down to the price where the bubble began"?
It's a BUBBLE.
It fits the definition of a "bubble".
And if YOU don't think gold has "collapsed" you are vastly outnumbered - even gold bug site goldandsilver.com refers to it as a "collapse". Of course they don't think it will STAY collapsed, but they certainly admit it DID collapse.
Gold may not have been a topic of everyday conversation with folks YOU know, but it was with a LOT of other people."Gold Fever" was a big deal for a LOT of people. There was so much interest in it, it even had/has a reality-TV show (Discovery TV's "Gold Rush" about the subject - which began airing in 2010).
WHERE in the definition of bubble does it say it has to "collapse down to the price where the bubble began"?
It's a BUBBLE.
It fits the definition of a "bubble".
And if YOU don't think gold has "collapsed" you are vastly outnumbered - even gold bug site goldandsilver.com refers to it as a "collapse". Of course they don't think it will STAY collapsed, but they certainly admit it DID collapse.
It's looking more and more like gold's glory days are behind it - with gold prices on an apparent downward trajectory, it's now given up all the gains it made since Dec of 2010 and many analysts now expect it to end up where it was in the middle of 2009 - in effect, giving up virtually all the gains it made during the Great Recession. As it is, the S&P 500 has now outperformed gold over the last year, last 3 years and last 10 years. Only the 5-year term shows gold with a SLIGHT price gain advantage over the S&P 500 (and that will be gone too if gold drops another 100 points or so).
More to the point however, the US dollar has NOT crashed - the expectation of which was likely THE reason for gold's rise back then to begin with. Now that's becoming more obvious that the US dollar is NOT going to collapse (US economy well into recovery, US deficit on the way down) folks are realizing that there is no real upside to owning gold.
Bad news for gold is good news for the US - and lately gold has been experiencing not much else but bad news.
Ken
Clearly you don't know what you are talking about. Nothing like looking at a glimpse in time and butchering reality.
Definition of 'Goldman Sachs Commodity Index - GSCI'
A composite index of commodity sector returns which represents a broadly diversified, unleveraged, long-only position in commodity futures.
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