Apparently, it is over — at 42nd & Madison, NYC:

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Category: Humor

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

16 Responses to “Is the Gold Rush Over?”

  1. Petey Wheatstraw says:

    No need to rent retail space in order to purchase gold. Selling jewelry is another thing all together.

  2. DeDude says:

    At 40-70 % reduced price there may be bargain worth taking.

  3. vader says:

    One thing is for certain, one day there will be more sellers of gold than buyers.

    When that is???????

  4. yankee19 says:

    Not so sure of that vader…

  5. socaljoe says:

    Gold has increased by more than 400% over the last decade… maybe the owner has decided to cash out, exit the rat race, and retire to a balmy beach.

  6. Chuck Ponzi says:

    This mania is long in the tooth.

    Still haven’t seen a blowoff top, though. Waiting, waiting, waiting…

  7. yankee19 says:

    Mania Ponzi? Who owns gold?

  8. Chuck Ponzi says:

    Everyone I know. Everyone I know.

  9. Lugnut says:

    If we had a balanced Federal budget and Bernanke announced a stop to the ZIRP and QE nonsense, gold would crash overnight. Until then….

  10. PatientCash says:

    It tickles me how Ritholtz, the empiricist, can find nothing good to say about gold. Pull up a long-term chart, friend. Why do you insist on fighting the tape?

  11. socaljoe says:

    I kinda doubt gold will reach its final peak for this cycle before the dollar gets redefined… maybe if overnight real deposit rates go significantly positive. At this point, gold ownership is still ridiculed… the time to sell is when it is revered as tech in the late 90′s and real estate 3 years ago. I wouldn’t be surprised to see an interim peak coinciding with the end of QE2, however.

  12. RC says:

    I have been short Gold. Will give it 3 months (at least 1 month after end of QEII) max to see if the thesis works out.

  13. MikeW says:

    One fundamental thing that strikes me about gold is that is lacks any of the usual metrics used to evaluate an equity share, a bond, a house, or for that matter, almost any non-precious asset.

    I’ve heard all kinds of talk the last few years about the gold/oil ratio, the gold/silver ratio, gold relative to the total supply of USD floating around, etc., but it mostly leaves me unconvinced. If those factors were truly compelling, why were they so widely ignored for 20 years?

    Personally I chalk it up to the US government’s almost Zimbabwean sense of monetary rectitude, but it’s hard to call a top on that basis, unless perhaps they pull another Volcker & tighten up big time.

    So, gold $5000. Or gold $800. Who’s to say?

  14. socaljoe says:

    Gold can not be valued by traditional metrics because it is not a financial security. The best way to think of gold is as money… a store of wealth. Would you rather own a rare metal, the supply of which can only be increased slowly with great effort… or would you rather own a piece of government paper which can be conjured into existence by the 100′s of billions at the whim of a few men who think they can control the financial system? The answer to this question will become abundantly clear over the coming decade.

    Hint: Paper money does well when restraint is prevalent in its creation and when it pays a good real interest rate on deposits. Gold does well when paper is printed recklessly and real interest rates are low or negative.

    Gold is a barometer on the fiscal responsibility of governments and monetary responsibility of central banks.

  15. george matkov says:

    Probably a scam for unwary tourists. Come by two years from now and you will likely see this store there with the same going out of business sign. I haven’t been in the area for a number of years. But ten years ago there were several stores with going out of business signs that kept going year after year.

    Caveat emptor!

  16. worddonuno says:

    For what i can add, here in Portugal, there’s many new stores now, buying gold, i don’t see them selling, they probably do, but what they advertise most is the buying. Every month i see new stores.

    For what i know in 1983 when the IMF helped Portugal, it took a vast amount of gold from our reserves.
    Did it took now from Ireland and Greece? Probably did. Will it take more from Portugal if other help is needed?
    If they believe in the fiat money, why do they hold so many gold? They have to sell it to someone.