Republican William McKinley, champion of the Gold Bugs
, wins the election.
SAY THAT WITH THE WORLD (OR AT LEAST THE EU) GOING TO HELL IN A HAND BASKET - THE LEGENDARY 'SAFE HAVEN' METAL IS JUST TAKING A BREATHER BEFORE ITS NEXT INCLINE."
But gold bugs
kept the faith -- even when prices stayed under $500 for nearly 25 years after their 1981 peak.
After the shooting, there was a lot of speculation about one of Loughner's comments on YouTube, "I won't pay debt with a currency that's not backed by gold and silver!" Writers at several outlets, including Reuters and The New York Times, noted that this sounds like something a gold bug
On December 10th, 2009, with gold at $1,100 per ounce, Nouriel Roubini, professor of economics at New York University's Stern School of Business said, "all the gold bugs
who say gold is going to go to $1,500, $2,000, they're just speaking nonsense." Roubini went on to say, "I don't believe in gold" and "gold can go up for only two reasons." Roubini pointed to inflation as being one of those reasons, but said, "we are in a world where there are massive amounts of deflation because of a glut of capacity, and demand is weak, and there's slack in the labor markets with unemployment above 10 percent in all the advanced economies."
Until then, bullion was viewed by many as a fringe holding for the rich with Swiss bank vaults or gold bugs
who hoarded the metal to hedge against Apocalypse.
"The gold bugs
may also be eyeing the not negligible risk that the Bank of England follows the Fed."
However, a report by the National Audit Office in 2001 concluded that the auctions of the nation's gold were conducted in line with best practice at the time and that the decision taken was against "a background of a decreasing market value of gold," - an important point for any nascent gold bugs
who feel gold might look like a good investment.
Last December, many gold bugs
were arguing that the price was inevitably headed for $2,000.
The weakness among gold stocks reflected by the 3.4 percent loss being shown by the NYSE Arca Gold Bugs
dollars; even the staunchest gold bugs
rarely have all their money in gold.
Commodities - Metals Gold and Silver Gain on Dollar's Decline Despite Thin Markets Gold - $1063.10 // $6.00 // 0.57% There is one thing on gold bugs
' minds, the health of the US dollar.