Saturday, March 26, 2011

Weekend chillout - Spinning the sell your gold line

Welcome to the weekend. My weekend started early as a guest on the Australia's morning national TV news show "Weekend Today". I was asked on the show to discuss the recent price rise in gold and whether it was a good time to SELL your gold. To those who think gold is in a bubble how come I was only interviewed for 3 mins at 7:18 am on a Saturday morning?

If gold was in bubble territory wouldn't you think I would have rated 15 mins on a weekday on how to BUY gold? During a asset bubble the TV talking heads interview experts on how to BUY the bubble asset, not warn the sheeple to SELL - Bubbles always end in a frenzy of BUYING.

Although as the show was live I did get to escape the editors, so whilst I did say if you are in financial trouble with debts and bills you can't pay, sure sell your gold, after all gold is the ultimate rainy day asset. But if you are not, hold onto to your gold and you will continue to make 15% pa for the next 10 years, and that I thought gold would ultimately be worth $5,000/oz.

I dared not say I what I truly believe, that gold will eventually exceed $10,000/oz and that silver will go along for the ride to a GSR of 10 and hence $1,000/oz - the audience might have choked on their corn flakes.

So inspired by spin on selling your gold this weekend's chillout is dedicated to those who's circumstances required them to cash out their rainy day gold.

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