Gold prices hit a new high this week, topping $1,000 an ounce.
Global economic and political instability increases demand for gold, which is seen as a safe haven. I’m always amused the people who take it a little too far — the ones that truly believe the apocalypse coming and that gold will be the only thing with value. These people are also inclined to hoard weapons. I think the weapons are more useful, because if the apocalypse should come a la I Am Legend, the zombies or whatever are not going to want your gold.
The Four Riders of the Apocalypse15th century woodcut by Albrecht Durer*
Jon Nadler, a gold analyst with Kitco, agrees with me. He’s quoted in today’s Wall Street Journal:
But he said gold bugs who hoard gold to the exclusion of other assets, predicting prices will reach $4,000 or $5,000 an ounce, are missing the point. The financial system would have to break down for gold to rise to those levels. It would “mean complete ruin for everything you own,” he said, in which case “you’d better invest in lead, for bullets.”
*Interestingly, Durer trained as a goldsmith before devoting himself to art.
UPDATED TO ADD: How exciting! Someone at a gold forum posted a link to this. I’m pretty sure I’m the only zombie reference they have on that forum. Woot!
The Norton Simon Museum in Pasadena has an excellent collection of Durer etchings.
Probably also worthless to zombies.
Yeah, but apocalypse or no apocalypse, you gotta accessorise, right?
This is why George A. Romero misses the point. Very little in the way of eyecandy in those films. You should totally be fashion consultant for his next movie – *then* I’d watch it!
Becky.
Will Smith would’ve looked cute in your poison ring.
Will Smith would’ve looked cute in your poison ring.
When I first saw the article in my local paper about gold prices, I immediately thought of you. I knew you’d blog about it. 🙂
Ouch. That is high! I am not sure how many folks are awaiting the apocalypse or simply waiting for prices to reach $5000 like Nader alluded to, but the prices have skyrocketed since just last year. So, gold is a worthwhile investment for those so inclined, especially since the prices are likely to continue rising given the state of the US dollar.
Even if I lost everything and zombies were ringing my doorbell, it still would be nice to comfort my soul in a bath of gold jewelery.
Oh, gold, i bet even zombies would want a nice chain made of it 🙂
Today i went shopping with my mom and aunt and gold jewerly is getting very expensive here, but as far as i know, gold is even more expensive for you guys.
♥
have you seen those infomercials for sending in scrap gold for money? I should do that. This uni student is looking forward to costco-sized cheerio boxes for the next little while, lol 😐
You think Mariah Carey’s tan would look less radiant now? She could be crushing diamonds already as an alternative…
I wish I liked gold. I’m a platinum girl. Maybe I can melt my stuff down into some very fancy ammo!
i don’t have gold or guns. we have powerade and cold cereal in our arsenal. we can party with the zombies i guess.
I’m investing heavily in Ramen futures. If those things go up two cents, I’ll make a 33% profit.
Hola Señorita. Ever thought of going to the Middle East for some gold bargain hunting? I guess it would be cheaper there. The devaluation of the dollar affects not only gold but practically every industry there is. Thank God, the euro is still strong but saying that, it doesn’t mean that we here in Spain (or in Europe for that matter) is not affected. Prices have gone up as well here and no one wants to buy anything!
Wish you all with your business!
Besos!
hi brandy
i just wanted to tell you that your are doing a great job there
cool, very cool, uou are talented
i added some photos of Paris fashion week. i hope you’ll like them
ps : you’ll be very kind if you just you add “Paris” at the end of my link, please ?
kamel lahmadi
street style romancer in Paris
The economy needs to knock off this craziness, and I mean RIGHT NOW. I haven’t had any time to read your wonderous blog because of it.
Gold will be the next bubble to burst, just like Dot-Com stocks were 10 years ago and real estate was 5 years ago. Once people stop buying gold because it’s $5,000 an ounce then what? Someone will sell it for $4,999 an ounce and the next guy will sell it for $4,998 and ounce. Then the panic selling starts. Before too long it’s reduced in value until what it was worth 5 years ago. And then there will be a bunch of people with pounds of gold that they can’t sell.
Haven’t we learned anything about fad economies yet?
I have, that’s why I’m also investing in bullets.