Us gold bulls don’t want to say, ”We told you so."
But … "We told you so.”
I have been a gold bull for the past 15 years ever since I started in the markets.
Even when we had the false bubble-induced boom of the late 1990s, I stuck to my guns, stating that this bubble would pop: that surpluses were mere fiction based on an unsustainable stock market and technology boom.
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Things were so bad for gold that in April 2001, the Financial Times printed a “death of gold” article.
That late '90s bubble burst and slowly in the 2000s, gold began to move up. Still there were naysayers — most in the mainstream investment media — who laughed at gold as an investment asset.
Surely, blow-ups that happened in South America in the 1980s or Asia in the 1990s could never happen in the United States.
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Then we had the financial crisis of 2008, and now the sovereign debt crisis which has lead to an S&P downgrade of the United States. Gold has soared to nearly $1,800 an ounce on this news.
The U.S. financial situation will only get worse as the unfunded liabilities begin to hit in the coming years. Therefore, after a short-term pullback, I expect gold to be on its way to $2,000 and higher by 2012. I believe that we are now entering the stage where the gold market is finally being accepted as being in a major bull market.
The next phase will be when more investors join in.
About the Author: David Skarica
David Skarica is a member of the Moneynews Financial Brain Trust.
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