Posted 09/21/2011 6:59 pm
Yes, the climb to $1900 was really fast and probably a lot of short term speculators kept piling on and made some money. I have no fear about the long term. We should probably thank the speculators in advance. We'll need them for the next big run up. I don't think someone like me buying physical for the long term has a thing at all to do with prices. It has to move up on paper first. Although I can't imagine any central banks are loading up on dollars or Treasuries at these price levels and yields. We need a few big gold purchases from foreign treasuries publicized at the right time to turn it around firmly.
