I'm in the same boat, and many of my goldies have been hit hard. However, I'm rather sanguine about the gold price, for many reasons, including those articulated by eshmun. Ask yourself, is the rate of increase in US debt sustainable? What effect will a rate rise have on the US consumer? On American small business? On emerging markets? And then what?
Can you imagine what will actually happen if they raise rates and then the penny drops that it was a bad idea? QE 4 anyone? When you have Presidential candidates actually saying the U.S will never default "because you print the money" * then, faggedaboutit as they see in Brooklyn.
When all else fails think about this. At the time of writing, gold is trading at $1,319.74 an oz. Do you think that's it? It's never going higher again? Do you believe that months (or years) from now people will be sitting around saying, "Geez, remember when gold was $1,319.74 an oz?! That price was crazy!" Of course not! The very thought of such a scenario is ludicrous.
Still in doubt? Heed the words of Genesis 47:15
And when money failed in the land of Egypt, and in the land of Canaan, all the Egyptians came unto Joseph, and said, Give us bread: for why should we die in thy presence? for the money faileth.
Gold. The currency that won’t fail.
*(SOURCE: http://edition.cnn.com/2016/05/09/politics/donald-trump-national-debt-strategy)
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