Over the last week gold has retracted almost $100 an ounce. We could discuss all the technical reasons for this retraction: we could talk about the boost in the buying power of the Dollar in an election year. We could talk about the Euro Debt non-resolution, resolution. We could also bring up the ongoing tension in the middle-east. Honestly, all you need to know is Gold has retracted and now is the time to buy.
Marc Faber told CNBC, If you don’t own any gold, I would start buying some right away, keeping in mind that it could go down. He was later quoted in ETF Daily news: The possibility of the gold price going down doesn’t disturb me, says Faber. Every bull market has corrections. Adding that investors who own no gold today should immediately begin to incrementally allocate no more than a total of 25 percent of their portfolio holdings in gold.
Earlier in this current retraction Jim rogers also told CNBC, Probably none of us are going to own any paper money at all ultimately, but that’s later in this decade, because paper money is becoming very suspect everywhere in the world. He went on further to say referring to gold, Everybody’s having a wonderful time running the printing presses. The way to protect yourself at a time like that, historically anyway, has been to own real assets.
Finally reported in Bloomberg, billionaire hedge fund manager John Paulson of Paulson & Co said in a letter to investors, By the time inflation becomes evident, gold will probably have moved, which implies that now is the time to build a position in gold.
These men are some of the smartest guys in any room. Not all of their advice is golden but they all agree as retractions happen be prepared to acquire as much Gold as you can afford. Two out of the three men have gone public with the fear that the current system of fiat currencies will fail by the end of this decade. Leaving gold & silver as some of the few real assets you can own.