NY Times front page article today...Gold losing its luster...

mariner67

From today's front page.....(I don't know how to linky)...

http://www.nytimes.com/2013/04/11/business/gold-long-a-secure-investment-loses-its-luster.html?hp

"It is a remarkable turnabout for an investment that many have long regarded as one of the safest of all. The decline has been so swift that some Wall Street analysts are declaring the end of a golden age of gold. The stakes are high: the last time the metal went through a patch like this, in the 1980s, its price took 30 years to recover."

Thirty years!
Again, no body really knows what the future holds.

roadrunner

Those kind of front page articles tend to be contrarian. Timing was never the forte of the NY Times.

jmski52

Say, is the NY Times really doing all that well itself?

linky

secondrepublic

quotes like this call into question the entire premise of the article:

"Analysts say gold is losing its allure after an astonishing 650 percent rally from August 1999 to August 2011. Fast-money hedge fund managers and ordinary savers alike flocked to gold, that haven of havens, when the world economy teetered on the brink in 2009."

First of all, a 650% increase over 12 years is a lot, but hardly unprecedented. The Dow did much better between 1990 and 2000.

Second, gold's price collapsed in late 2008/early 2009... people were running from it. It fell back into the 700s. Only later did it go back up.

HonoluluDude

Hmmm... mainstream keynesian media outlet trashing gold at the same time comex is being drained of its bullion. makes ya wonder.

ttown

Why would you believe people that never seen it coming in the first place to know where gold's going? It like the last 2 stock market crashes all the experts missed. If everything was so clear and black boxes brought and sold on command then we'd have a perfert world to buy and sell in. Fact is not a darn thing have been done to put us on track IMO it's just being strung out with 85 billion a month and a ZIRP that will end badly for everyone globally.

Timbuk3

I'm still buying !!!

Kip

<< <i>Those kind of front page articles tend to be contrarian. Timing was never the forte of the NY Times. >>



Neither is Journalism!!!

derryb

Just checked mine. Still has plenty of lustre.

cohodk

And just like the Dow run up from 1990-2000 and subsequent sidesways trading for a decade, gold most likely follows suit.

DrBuster

Is that the same story that was run on cnnmoney, bloomburg, et all? Nothing like coordinated coverage dictated from above.

OPA

As a contrarian on bullion, I consider this a bullish sign when the media and so called annalists, headline the imminent demise of gold. Having said that, it would not be a surprise for gold to start surging again when least expected.

C0INB0Y

Remember, when they say "Gold" , it means "paper Gold" !

What will stop them from announcing soon, "Yeah, we ran out of real Gold that backs the paper, so what?" Not long.

They said that to Cypress. It was there that the Central Banksters revealed that have been given absolute power to just grab the paper money and declare it their own.

So, yeah, the paper price of Gold and Silver is tanking!

This is the unintended consequence of allowing Banksters not to fail.

MF Global showed it on a small scale. Why isn't Jon Corzine in Jail? WTF?!! MF Global started waking everyone up, but the Cypress thing is the actual catalyst that has caused the Dam to break, causing people to sell all paper that has been issued by the Bankster World promising folks a delivery of Gold or Silver when demanded in the future.

There is no metal to deliver! So hence the sell off. The music has stopped and EVERYONE knows the paper is just that paper and it isn't a chair to sit in while everyone scrambles to protect their "stuff"!

Only the actual metal provides a 'chair' to allow one's butt a seat when the Musical Chairs game stops.

Everyone is heading for the paper exits right now, simultaneously.

This is temporary (relative) and the over-supply of paper will drive down the *paper* price further until it is finally IGNORED!

A market will arise that recognizes the real scarcity of the metal and it will start locally and these Markets will be many, they will have a pricing level reached and determined by physical exchange between buyers and sellers who ignore what the paper Exchanges 'claim' is the value.

These Micro markets will develop because we have reached a point where the charade is over.

Riots to soon follow this Summer, stay tuned...

mrearlygold

I used to pick up the sunday times in w 4th in the village on saturday night when it weighed 15 pounds and walk it back to my apt in soho. That was a long long time ago. How long ago? I was renting a 1700 sq ft loft in soho, completely renovated with my own full size washer and dryer for $2,000/month. LONG time ago.


I would use it as a fire starter a fireplace nowadays but I don't have a fireplace!