Lee brought in Doug Kass, president of Sea Breeze Partners Management, to talk about the rapid decline in the gold. He said there were compelling reason to own gold as it climbed from $250 an ounce 11 years ago to $1,340 an ounce today, but those reasons have substantially diminished. He said the price of gold will be volatile. He said it may touch $1,050 an ounce and will probably end the year $150 below what it is today.
I think $1050 gold will make those Mall Gold Buyers close up shop and hit the road going forward. I wonder if the Gold Guys with their shop at Ward Center are hedged against a decline. I love seeing a bubble building and recognizing the signs in anticipation. The pop part is the hard thing to time. But it always comes.
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