Think gold is expensive? Think again! -Joseph Farah
WorldNetDaily- Joseph Farah
A decade ago, a few of us sensed the beginning of a change in this country; a slow but steady swing like a pendulum. It was clear our nation was returning to morality and a love of liberty--qualities of substance. Fittingly, there was a growing shift to the most substantial asset of all: Gold.
Over these ten years, gold has proven itself once again to be the best universal asset for safety and growth. Now, after months of price consolidation, the gold rush of 2010 is on the horizon. Here's why...
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After rushing above $1,200/oz. in 2009, prices corrected back to a low of $1,060/oz. in February 2010 and have been steadily rising ever since.
The chart below illustrates $1,150/oz. gold is only halfway to a new "inflation-adjusted" price peak of $2,358/oz. reached thirty years ago. (using official inflation stats, what cost $850 in 1980, today costs $2,350).
Gold's price move started in 2000 at $255/oz. and hit a high of $1,215/oz. in 2009 during a period in which inflation was rather "tame", if government official CPI numbers are to be believed.
Now, if gold prices grew 62% during a deflationary period, what is a reasonable expectation of growth during the inflationary period ahead? Could inflation double today's price? "Easily" says over 75 experts.
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Today gold prices are up fourfold without inflation. During the last major U.S. inflationary period (1977-1980) gold prices rose almost sixfold, from $150/oz. to $850/oz. Inflation fears and market uncertainty are set to push gold prices higher in 2010. Short-term pull backs in price should be viewed as great buying opportunities.
"Buying near market lows helps investors maximize long-term growth. While past price movements do not always foretell future movements, we could see prices above $1,400/oz. soon," said Swiss America Chairman Craig R. Smith.
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