I notice a headline that panic-selling has caused gold to lose almost 10 percent of it's value in two days of selling. Given that it's been inflating for years, egged on partly by Glenn Beck and advertisements on Right Wing shows like Limbaugh's program, I've been waiting for the bubble to burst and a whole lot of people to be left losing a lot of money because they rushed to invest in yet another "sure thing", just like real estate was half a dozen years ago before the market tanked.
In gold, "what we now see is panic selling, perhaps triggered by the Fed's stimulus view. The Fed has given the signal that there's a possibility to reduce QE (quantitative easing), and that took a lot of trust out of gold," said Dominic Schnider, an analyst at UBS Wealth Management.I wonder what this news will do for all the Gold Bugs like Ron Paul and the Paulbots, or Glenn Beck?
"And people recognize that an environment where you have no inflation is a powerful driver to get out of the metal."