Urban Gold Miner - New York Post

Homeless Man With Velvety Voice Hits NYC

Youtube changed this dude's life in the span of a week.

Gold Drops Below $1,400/oz

Gold hit a record high of US$1,416.10/oz on Monday of this week but it's dropping today, losing $25 and waffling around $1,384 this afternoon. The price ranged between $1405.40 and $1372.10. I think gold is dead but it won't drop straight down. It'll drop and rally in alternating waves before the death knell is rung and the rug is pulled out from underneath. I think 2011 will prove that the bull market in gold was a fool's errand in capital preservation futility.

Soros warns on gold rally, says nothing safe

   The man who broke the Bank of England in 1992 is telling everyone that gold's in bubble mode. And I quote:

"I called gold the ultimate bubble, which means it may go higher. But it's certainly not safe and it's not going to last forever," he said.

   George is right because gold is a farce. It is an illusion of value. You know why? Because it's value is tied to the value of fiat money. If you sell gold, you're paid in fiat money. Hey gold bugs, how crazy is that? If you walk into Walmart tomorrow and try to pay for $1,266.70 worth of diapers, Cheetos, Vlasic pickles, and Chef Boyardee with an ounce of gold, you'll probably get escorted out by a burly security guard. Without the Cheetos.

   I can hear the gold bugs screaming that I'm wrong and I just don't understand GOLD. Shaddap. I know gold and gold is nothing more than a commodity and a trading vehicle. Sure, you can make some nice jewelry with it but it is just a metal. It's value has been assigned by greedy people. I learned a few years ago that value isn't linear. Value doesn't move in a straight trajectory. Value is assigned. Who decides what an ingot of silver is worth? Who decides what a ton of pork bellies is worth? Answer: The MARKET sure, but the market is rigged. If the shenanigans of the days when crude rocketed to $150 per barrel didn't convince you of rigged markets, then nothing will. That's what's happening with gold now. It's rigged to rise. When the gold rug is pulled from right under the gold bugs, daily drops of $50 to $100 are not out of the question as everyone and I mean everyone leaps off the sinking ship.

   What does this have to do with real estate? Nothing. This is my blog and I'll slag gold if I want to. Love ya too.