Is It Time To Take Gold Profits?

He needs to check a lot of prices.

I was selling steel for $65 per ton in 2007. In the 80s and 90s prices fluctuated between $45 and $90 per ton. Last week I sold at $300 per ton. That is almost a 500% "increase" in "value" in 4 years. And, of course, those numbers are not reflected in the fictitious CPI.

Normally steel prices crash going into summer. This year they are holding steady. Normally they rise going into winter from their annual lows in July. July is over and we are still near record highs, so I am expecting maybe as much as $500 per ton steel this winter.

Historically, steel prices hit an annual high around Easter. The fall and winter prices in the 40 years I have been in the steel market have NEVER exceeded the annual highs. This year they WILL.

This will be the first summer in over 40 years that I won't be lowering buying prices in anticipation of lower selling prices. If anything, competition is forcing me to raise buying prices when usually the competitors disappear for 3 summer months.

So much for the value of Uncle Ben's prognosis.