Fool's Gold.. or is it?

The price of gold hit new highs today as it soared past $1500(USD) an ounce to $1505(USD).

Many factors contributed to the new gold pricing, but most will agree that it is not justified. The United States has record debt and expects to borrow more. How could the price of gold not go up based upon this fact alone? Simple! The rest of the world is just as bad as us financially.

Generally when a number like $1500 is reached a pull back of 10 or 20 dollars in the price of gold can be expected. We could see gold go back down to $1490 perhaps, but not lower than that. It would then stay at that mark for the foreseeable future.

What does this mean for the United States, and for the rest of the world? That is where speculation both starts and ends. No one knows just how low things will go, but one thing is for sure.. when you spend paper money, that paper will be worth more and more, and the note value that it represents will be worth less and less.

The world is in turmoil over currency values plummeting across the globe. There are really no winners in this game now. Some players may be better positioned to ride out the storm, but it is still a storm of great proportion. It is very possible that the world will dip into a second recession later this year.

Does buying gold protect you from the coming disaster? NO! Does it make you stronger so you have something if everything collapses? NO! So, why has gold gone up so much in value? SPECULATION! It is all about fear. Only one group gets richer when things get tough. That is the rich. Keep on speculating, and if you get rich, let us know. We would love to hear your story.

If you are already rich we presume that you will enjoy watching the rest of the world economy collapse. We are not talking millions here by the way. We are talking billions. Some billionaires like Michael Bloomberg are trying to cut even more benefits for workers and put more hard working people out of work while they change laws for their own well-being and greed and continue to alter the playing field for their billionaire's club members. It has to stop now! We have to stop voting these people into power! What is wrong with you all! Are you going to vote for Donald Trump if he runs for president? "Good grief" as one famous comic book character once said!

Here is an interesting fact... 400 people (not families) in the United States hold 46 percent of the wealth. Someone needs to fix this now. Perhaps we should increase taxes on the poor or the middle class so our government can spend even more? I don't think so. We need a government that works for us. Not one that spends and spends for their own personal gain. That is right! I said personal!

Over the coming months we will be keeping tabs on who votes for what new taxes and cuts that effect our well-being. We will also be taking out the fluff factor and showing you what these bills really do to us once they are passed. When election time rolls around we'll be more than happy to display the results as well. Keep watching...

Posted on 20 Apr 2011, 11:08 - Category: The Economy
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