In light of the current highs in Gold, many prognosticators have gone on the financial airwaves, papers & blogs with varying looks at the future. Some are touting $10,000 gold in the next 5 years. Others have gold falling back to $800 an ounce in the next 12 months. They could both be correct but the Mind Your Money blog has called on its very own The Great Coiniac, a prognosticator of highly suspect vision for the future, we asked him a few questions.
Q: What will be the final price for Gold by the end of the year? A: It will either be up or down from the current level of $1600 per ounce. I foresee a retraction at the time of the Debt Ceiling Crisis solution. If this takes place prior to the deadline there may be as much as a 10% retraction. If it takes place after the retraction will be less. Then gold should make a run towards the end of the year as it has done for the last decade.
Q: Is Silver a good buy now, or is this run going to come back down like it did a couple months ago? A: Silver is a great buy today, even at over $40 an ounce silver will probably keep pushing up against the $50 mark. This should be broken through by years end, putting silver as the metals price winner for the year.
Q: When timing the market, what is the best time to buy? A: Never time the market! Have a plan and stick to it. My best advice? Buy on the days gold and silver retract like today. Then hold until… well hold until you have a metals portfolio that is conservatively 10% to aggressively 20% of your total net worth. A constant plan of acquisition also aids in cost averaging your purchases over the time of your total acquisitions.
Q: Any final words of advice for our readers? A: Procrastination gives birth to future regret! Act today!