Monday, December 9, 2013

India is Doing it's Best to Kill the Gold Market

I am not buying gold. I own gold. I have owned gold for many years. Part of the reason that I am not buying now is that gold went up for 12 years in a row, which is extremely unusual for any asset. I suspect that the consolidation or correction in the gold market is going to be an anomaly as well. India is doing its best to kill the gold market. India is trying to make sure that Indians do not buy or import any more gold. They (Indian government) is trying to figure out what will make Indians sell gold. While the Indian politicians are fooling around with the gold market (that is another reason that I am not buying), if gold goes down under $1000, I hope I am smart enough to buy a lot more. - Jim Rogers via the Economic Times:

Jim Rogers is a bestselling author, financial commentator and successful international investor. Rogers was a co-founder of the Quantum Fund (considered to be the first truly international fund of its kind) and is the creator of the Rogers International Commodities Index (RICI).