'Not Owning Gold is a Form of Insanity': Chartist

[Curtman]

'Not Owning Gold is a Form of Insanity': Chartist

[curmudgeonista]

'Not Owning Gold is a Form of Insanity': Chartist

Jumped the shark.

[pay dirt]

Read some of the comments. Still in denial and this gold bull has much more to run.

Davidduke | Jan 10, 2011 07:05 AM ET

The world is not ending in 2012, and the gold will be going backward.

WE no longer live during the Roman empire , gold is nothing more than for industrial use.

Tulip bulbs were a currency in the 1800's, and sure enough we can buy them now for pennies, the whole craze is a state of mind and speculation.

The people who are hoarding Copper, silver and other metals will be sorry because the world finances do not work like 2000 years ago.

Can you imagine going to purchase a house with golden nuggets, it's like paying with pennies.

Mortgages exist for a reason, and world finances are financed the same way.

It's the greed of people who do not pay taxes is causing this run on the metals and not to forget the lunatic right that takes us to war each time the defense industry needs more money.

I will stick with the normal currency that served me right and I have returns in excess of 50% last 3 years 70% financed by my broker in a combination of short & long trades.

What a wonderful world.

[Eat Beef]

"I think not owning gold is a form of insanity, it may even show unhealthy masochistic tendencies, which might need medical attention," Griffiths said.

That sort of statement is so retarded, it can only mean they guy is a nut or he's trying to make all goldbugs look like nuts. Either way, this sort of article does NOTHING to promote new people to buy into GOLD. Quite the opposite, in fact.

He probably works for Goldman.

[pay dirt]

Agree beef, the article and guy are a hit job to make those that own gold seem crazy. There was one comment associating the psyhco in AZ to having the same thinking as goldbugs. Fear is that the general populace might be desperately programmed to vilify those that hold PM.

[Irons]

Great just great, a title like that is going to do nothing but piss the silver bugs off!~

[wjv]

People were claiming a bubble at $450, $500, $550, $600, $650, $700, $750, $800, $850, $900, $950, $1000, $1050, $1100, $1150, $1200, $1250, $1300, $1350, $1400. . . . . And will keep doing so.

Could gold/silver crash tomorrow? Yup. But I look at the national/state/county/city debts and think that long term PMs will keep rising.

We have never been in a time like this where the government debt was so overwhelming on a global scale. The party is over. . Last call for alcohol, before the global VISA bill arrives in the mail.

Simply there are thee solutions
1) Spend less. . Even with Repubs in control that won't happen
2) Tax more. . Will happen (might call it fees instead of taxes) But even if we taxed everyone at 80% there wouldn't be enough
3) Force inflation. . Monetize the debt. . Problem is, once you start the inflation train, can you control it???

If #1 happens, the price of PMs could go down
If #2 happens, the price of PMs will rise as people hide their wealth and Gov spending continues
If #3 happens, the price of PMs will rise as a function of the drop in value of the dollar

I suppose a bizarre case could happen where ALL the currencies drop in value around the same rate. So the price of gold might stay reasonably stable, but the buying power would increase. . . Not even sure if this could happen. . . .

I do know this. . Several years ago I worked for Hewlett Packard. As part of the employee stock program I was able to buy 2 shares of HP stock and get one share for FREE!! So when HP stock was $100, I was getting 3 shares for $66.66 each. Sounds like a pretty sure thing. . . Right? Well then HP decided to spin off their test equipment division (Agilent) and they took away half my HP stock and replaced it with Agilent stock. At the time all the brokers were pushing the new HP & Agilent stock as a great investment. Theses are the same people who tell you that gold and silver is bad! Both HP and Agilent stock plunged to the low $20s. . . Today, over ten years later, both stocks are still in the low-mid $40. I guess if I sell them some day i won't have to worry about taxes! :-)

[wjv]

Great just great, a title like that is going to do nothing but piss the silver bugs off!~

Actually I can't claim to be JUST a silver bug anymore. Over the past few months I picked up 6 oz of gold (4 half oz sunshines rounds and 4 one oz Maples) so now I have a "well balanced" 100:1 ratio. I guess that now makes me both a silver AND a gold bug. . . .

[Curtman]

Hey, it's CNBC... Don't flame me. If you do not learn to read and interpret all the spin you will never be able to read market direction.

[Irons]

Actually I can't claim to be JUST a silver bug anymore. Over the past few months I picked up 6 oz of gold (4 half oz sunshines rounds and 4 one oz Maples) so now I have a "well balanced" 100:1 ratio. I guess that now makes me both a silver AND a gold bug. . . .

......................

[dacrunch]

[321AU]

"I think not owning gold is a form of insanity, it may even show unhealthy masochistic tendencies, which might need medical attention," Griffiths said.

That sort of statement is so retarded, it can only mean they guy is a nut or he's trying to make all goldbugs look like nuts. Either way, this sort of article does NOTHING to promote new people to buy into GOLD. Quite the opposite, in fact.

He probably works for Goldman.

With everything he said that is all you found relevant in the segment. It was obviously said as an over the top poke at the paper princes imo. Griffiths is no nut.

[Eat Beef]

I found nothing relevant about the article. I'm not familiar with Griffiths, perhaps his comments were taken out of context, in which case the blame rests with CNBC. Either way, this sort of rhetoric is NOT going to convince anyone to buy gold. IOW, when the opening line is the one above, the rest of the article is poisoned fruit.

Do you disagree?

[Sheepdog]

He is right about one thing- The world will NOT end in 2012! It's good for a long time to come!

The people on it however have a big year coming up the next few years!

[ccjoe]

Great just great, a title like that is going to do nothing but piss the silver bugs off!~

I'm not pissed Irons as I LOVE gold and it has been and always will be money.
It's just that I'm poor so I have to buy the poor man's gold> silver and NOW copper the poor man's silver. There are no more steps down as those three are the only 3 metals that have ALL been money for 9000 years plus!

[minimus]

Don't worry, the PM bubble will pop when global monetary policy becomes fair and equitable for all humanity.

[Bigfoot]

[Irons]

I'm not pissed Irons as I LOVE gold and it has been and always will be money.
It's just that I'm poor so I have to buy the poor man's gold> silver and NOW copper the poor man's silver. There are no more steps down as those three are the only 3 metals that have ALL been money for 9000 years plus!

I was just having some fun with that statement, I do believe folks into all types of metals investing are light years ahead of the poor folks just dumping endless FRN's into 401k's and hoping for the best.
Hoping for the best while swimming in a pool full of sharks is not going to end well.~

[Irons]

Don't worry, the PM bubble will pop when global monetary policy becomes fair and equitable for all humanity.

I had to read that twice before I got it...

[KGMe]

Captain Jean-Luc Picard: The economics of the future is somewhat different. You see, money doesn't exist in the 24th century.
Lily Sloane: No money? You mean, you don't get paid?
Captain Jean-Luc Picard: We work to better ourselves.

[Irons]

Captain Jean-Luc Picard: The economics of the future is somewhat different. You see, money doesn't exist in the 24th century.
Lily Sloane: No money? You mean, you don't get paid?
Captain Jean-Luc Picard: We work to better ourselves.

So Hookers and Blow are free in the future? YeeeeHaaaaa, bring it!!

[gold miser]

So Hookers and Blow are free in the future? YeeeeHaaaaa, bring it!!

How far into the future?? hope I'm around to see that!

[ccjoe]

I'm not pissed Irons as I LOVE gold and it has been and always will be money.
It's just that I'm poor so I have to buy the poor man's gold> silver and NOW copper the poor man's silver. There are no more steps down as those three are the only 3 metals that have ALL been money for 9000 years plus!

I knew that and I'm trying to have some fun too after that Pats debacle.

[SilverWolf]

"I think not owning gold is a form of insanity, it may even show unhealthy masochistic tendencies, which might need medical attention," Griffiths said.

That sort of statement is so retarded, it can only mean they guy is a nut or he's trying to make all goldbugs look like nuts. Either way, this sort of article does NOTHING to promote new people to buy into GOLD. Quite the opposite, in fact.

He probably works for Goldman.

I completely agree with you eat beef. But you have to admit... It is a little crazy not to own gold and silver in this financial climate. Things are getting crazier and crazier out there and PM's help me sleep at night.

[gold miser]

I completely agree with you eat beef. But you have to admit... It is a little crazy not to own gold and silver in this financial climate. Things are getting crazier and crazier out there and PM's help me sleep at night.

things are getting crazy out there, our local army surplus is accepting pm's as payment for his goods just shows what people think of frn's! more and more this is happening in our country.

[minimus]

I had to read that twice before I got it...

Yeah, we know it ain't gonna happen.

Keep on stacking, brother Irons.

[wjv]

Don't worry, the PM bubble will pop when global monetary policy becomes fair and equitable for all humanity.