Wednesday, May 25, 2011

Fear sending price of gold rocketing

Gold mania- "We buy gold" signs all over the place.

In the past, LaredoTejas has recommended The Dave Ramsey Show as a good listen on the radio. Personally, I catch the show once in a while on KTSA 550AM out of San Antonio. The show runs on weekdays from 1pm-4pm Central.

On yesterday's show, Ramsey once again stood up against the conventional wisdom and strongly advised against any investment in gold. Ramsey is of the opinion that the current spike in the price of the precious metal is almost entiurely based on fear. In the last 5 years an ounce of gold has gone from about 600 dollars to the current price of about $1,500 an ounce.

Further, Ramsey also believes that once some consensus is reached, if ever, on how to deal with the deficit, those holding gold will see their portolio plummet dramatically.

My own focus is not so much on gold as it is on the price of a gallon of gas. Incidentally, I think it's about $3.59 at the Gucci-B.

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