Monday, May 31, 2010

Chinese Going Crazy Over Gold

If this video is correct gold may be about to take a rocket ship higher. It is hard to know if this is simply a camera being pointed at one small subset of the Chinese or if this is really spreading throughout the China population. The video also says China has surpassed South Africa as the biggest miner for gold. The video also mentions that George Soros thinks gold may be the ultimate bubble. I agree but I think that comment was taken out of context. Soros has been buying gold like crazy. I don't think you can even think of gold as a bubble until it passes 5,000 per ounce.


Mariusz Skonieczny said...

When I see crowds like this investing in anything, I start to worry. I am not sure how high gold will get, but I remember people going nuts over real estate.

Market Seer said...

Valid point but my take on it is if the Chinese start doubting the fiat currency we will be going back to a market de facto gold standard whether governments want to it not. That means gold has alot higher to go to equalize fiat currency.

Anonymous said...

When speculating on gold starts to look like a good "investment" it's really time to stop ask how you got there.