Ugh...this happens every time the precious metals market moves up. With gold hitting $1400/ounce, here come the wild predictions about it going to the moon--it's like 2011 all over again with this "legendary investor Jim Sinclair".
I stopped listening to hype like this a long time ago. Gold and silver might be experiencing a nice little pop, but there's no telling whether that's going to be sustainable or not, just like with bitcoin. And with the goldbugs, it doesn't matter if the price is going up, down, or sideways: they always tell you the same thing. Buy gold, it's only going to go higher. And meanwhile, look at how lousy it's performed over the last 8 years. Right now I wouldn't touch gold with a ten-foot pole. Not even your ten-foot pole.
I stopped listening to hype like this a long time ago. Gold and silver might be experiencing a nice little pop, but there's no telling whether that's going to be sustainable or not, just like with bitcoin. And with the goldbugs, it doesn't matter if the price is going up, down, or sideways: they always tell you the same thing. Buy gold, it's only going to go higher. And meanwhile, look at how lousy it's performed over the last 8 years. Right now I wouldn't touch gold with a ten-foot pole. Not even your ten-foot pole.
8 years aren't enough, usually, when folks invest in gold (or rather save money in gold) they do it for a 20-30 years period. If you consider the last decade Gold did 150%, and 500% the last 20 years. A scenario like in the OP could be possible IF we go back to the old system with the dollar backed by gold
