Man Tries To Sell 1 Ounce Gold Coin for $50 - NO Takers

Wednesday, November 11, 2009

I am a bit busy this week, attending 2 conferences which I will cover later. One concerned "Covering the Crisis" and the other one is about "Ways to a new financial order" organized by the Vienna Institute for International Dialogue and Cooperation
In order to reassure you that we are not even in the early stage of the gold bull market, probably still years away before we will see a gold hype or bubble, I recommend to watch this 6-minute video by Resistance where a guy tries to sell a 1 ounce Canadian Maple Leaf gold coin, current value $1,117, for $ 50 - and finds NO takers.

Gold may see a correction, but this video makes me except a price above $2,000 within 18 months and those non-buyers will probably scramble in 2012 to buy such an ounce for more than $3,500 as their paper investments will have all turned further south by then. This crisis/recession is far from over and we will not see a bottom before 2011 that may be the last stage of a WL recovery.
It is interesting to watch gold zooming in parallel with the stock market these days, another paradigm shift that indicates gold will break out to new highs in all currencies soon. This will attract momentum traders into the gold play, pushing it the next 10%.
Yes, there will be sharp corrections, so buy on all dips that are certain to come. A bull always likes to travel with as little baggage as possible while scaring those sitting on its back. Stay in the saddle.


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