Re: Doom, Gloom & Apocalypse
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7) I have trouble believing in gold as there is so much of it stored above ground. I do not believe that there will be a gold based currency in the future.
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Gold rose in price sharply in the late 70's to mid 80's without gold bing a currency. It's rise was partly due to factors such as a 40-some year artificialy created base being freed by the ending of the Bretton-Woods agreement and the resulting rise in oil prices, general inflation and higher interest rates.
Mezick believes conditions are right for a gold rise/equity decline.
On the charts, gold does seem to be making a ten year double bottom. However, there is never a year that gold bugs with Howard Ruff lapel buttons do not say the metal will go nuts.
A better question: Are other metals a better strategic investment consideration?
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