Gold is down $33 due to concern for the euro, and, on a percentage basis, crude is down twice that.
Oil's fall makes sense. Demand for oil is closely tied to the level of economic activity, and Europe is in a world of trouble. But why is gold down? I can understand Europeans fleeing from euros and buying dollars. But, logically, shouldn't they be buying gold too?
Gold is currently $1,693/oz. I have trouble sounding sincere in calling that a "bargain" - given that it was so much cheaper just couple of years ago. But I do think that the dollar is a ridiculous alternative to euros. Fiat money has failed over and over. The euro failed, so the stupid Europeans are fleeing *only* to the dollar?? Unbelievable.
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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