Here is a post by someone with the username woodsie on the yahoo finance forum from an article about why gold isn’t done dropping.
Correct.
It is popular to bash gold.
The NY media dislikes gold, because Wall Street dislikes gold, always has. So they bash gold. Certain groups of people also dislike gold due to their political orientation, as rising gold prices tend to confirm the unsoundness of the monetary and fiscal policies of those in power. Last I look, the conservative side of the political ledger only controls the H.R. See it all the time obvious Administration supporters running their mouths about how gold is bad, and how those who watch Fox News or listen to Glenn Beck buy gold….blah, blah, blah…..see it all the time. So there is a theme w. gold bashing by certain elements of the media, and certain segments of US society… [for the record, Glenn Beck started touting gold in 2004….]
Much of the heady gains in stock sectors this past year occurred in overprice social media and tech-related shares,much of which was run up fueled by outright hype or share buybacks [since those businesses saw no good uses for their cash….]. Who wants to chase that?
Owned gold since 1998, and since China likes it, so do I.
Since the people who are on the media are telling people that gold is bad, it makes sense if people believe that. But they might have their reasons for saying that. A rise in the price of gold may indicate that other things are happening in the economy that they don’t want to mention.