I see gold is trading around $800 an ounce today.
If it goes much higher, I may dig out my gold panning equipment and head for Colorado.
This is me back in the mid-1990s, hunkered down on the banks of a creek just west of Fairplay, Colo., trying my hand at panning for gold. The stream was pretty well worked over by a huge gold dredge in the late 1800s, but I still came away with a few flecks of gold - about as much as you'd get in a bottle of Goldschalger. (According to Wikipedia, Goldschlager puts about 1 tenth of a gram of gold flakes in a 740 ml bottle of its cinnamon schnapps - worth about $3.)
I rounded up all of our surplus gold jewelry recently with an eye to turning it into cash, but I'm holding onto it for the time being, since gold is only going to get more valuable.
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Last year about this time, I read in the Economist about the upcoming 2008 financial collapse and the depression that was going to follow. Everyone predicted the dollar would be worthless and, at the time, the Euro was soaring. I did my research and was convinced that gold was a great option. Then through last January I repeatedly told my wife "we need to buy gold". The dollar was falling and gold was up to $900 and ounce. Finally, she agreed and I bought $30,000 in gold coins at $1100.00 and ounce. We were sure it was on it's way to $2,000 and ounce.
The next day it dived. Like it had been waiting for us to invest. It briefly climbed back to $1,000 and has drug along at $750 plus. My wife, a good sport to the end says; "it's not a loss until you sell it." I think I would have been better off buying Glocks.
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