Posted by MarkB_MI on January 02, 2014 at 02:31:40 from (75.198.22.191):
In Reply to: Re: Investments posted by Rich_WI on January 01, 2014 at 12:22:47:
Rich, it seems I struck a nerve. Sorry about that, it was entirely intentional.
I can understand you being a bit testy. 2013 was not a good year to be long on gold. But it's OK to make investment mistakes, just as long as you learn from them. But don't try to rationalize them. You know you're in deep trouble the minute you start believing your own BS.
Gold as an inflation hedge (or "storage of wealth", if you insist) only works if its value is bedrock-stable. It's difficult to make the argument that gold has a stable value when its price doubles over three years, only to lose half its value the following year, when annual inflation is running at two percent.
But don't let me dissuade you from buying more gold. You could be right, $1200 gold might be a bargain. Or not. You might as well double-down and short the stock market, too. I can't say you won't be a winner in 2014; all I can say is only one of us will come out ahead. Let me know how it turns out a year from now. Cheers!
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