$1,700 – $1,800 Still Not Too Much to Pay for Gold! Here’s Why

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Posted by Lorimer Wilson

 

Sooner or later I think everyone will have an epiphany about money that pushes them to buy gold – even if it’s at levels that would seem expensive today. When that time comes, we won’t be focused on the price of gold but on the absolute need to acquire a more lasting asset. If I’m right, the plus $1,700/ozt. price today is not too high a price to pay. Let me explain further.

Imagine the condition of our world if gold reached $5,000 a troy ounce – and kept soaring. We would likely be in a mania if that happened – but what kind of mania would it be? There would be some greed, to be sure, but I think…a deeper reason would be at play and it’s the same reason that will drive you to keep buying gold [even] at $2,000 an ounce: you’ll have to.

It’s doom and gloom to say this, but I think it’s possible and perhaps even probable that at some point we’ll all feel forced to buy gold, almost irrespective of price, due to a sudden and rapid depreciation of the U.S. dollar.

How do we get to that point? Simple: You go to buy something and realize you’ve just been priced out of the market, not because the item is too expensive, but because you suddenly realize the money in your hand no longer has purchasing power. Your reaction to that event is predictable: you feel cornered, maybe even scared, and…

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