Gold below $1600/ounce – and I look smart. Kinda.
September 28, 2011
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Hey, remember this? It’s probably my second most popular post (after my Adobe Flash license agreement rant, which seems to have really struck a nerve), I’m guessing because it’s the top Google result for “gold ridiculously overpriced.”
Yes, gold fell below $1600 on Monday, then went up for a bit Tuesday, and fell slightly further today. Which means – I was right about something! Great, now everyone can start paying me a billion dollars for investment advice. Where’s my show on CNBC?
Ok fine, there was about two months where gold went even higher, above $1900, even though I said it was totally overpriced at $1600. And gold is only a little under $1600 now – it could very easily spike again, especially if the Greece debt talks fail. So, I’m not out of the woods yet. But let’s face it – once a bubble is popped, it doesn’t get unpopped all that easily. My next prediction? Gold under $1000 by the end of the year.
By the way, I have no economic credentials whatsoever and really have no clue what I’m talking about. Then again, neither does anyone else.