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I own Gold. Gold is Soaring. This is TERRIBLE News
There will be blood before this is over.
Gold just reached all time dollar denominated highs.
I almost didn’t notice.
I’ve owned gold for over a decade — buying it shortly before it started its last major surge higher in 2008.
Gold is still a ways off from inflation-adjusted highs of $2,600 or so. I think we’ll see that record blown away in the coming years. But I’m not happy.
Gold reaching new highs is never *good* news. Not even for gold owners.
Gold doesn’t spike because people are feeling optimistic, or because the fiat currency gold is priced in is doing well, or the country that prints that fiat currency is on the upswing.
I know people think of gold as some kind of kooky throwback, and that it rises for inscrutable reasons. There are whole libraries filled with books discussing the reasoning that explain why gold rises or falls in price.
Forget the whys or the mechanisms of how gold rises in price.
It doesn’t matter why at this point.
In basic terms, gold rising is a sign that the world is burning.
