Wednesday, July 2, 2008

Gold getting ready for another big move

Gold getting ready for another big move

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Jim Sinclair became fabulously wealthy when he called the great gold bull in the late 1970's, selling out at the top. He's the dean of the gold bugs, and gives his advice away for FREE at his web site. He posted a bulletin today where he thinks the gold is getting ready for its assault on $1600. His previous prediction for that level was by 2011, so he thinks things are speeding up.

Gold is traditionally slow moving in the summer, but that may change. If you're going to buy gold, do it soon. It is not going much lower, if at all. It is definitely going higher, because the dollar is going lower. It is really that simple.

I suggest US Gold Eagles of various denominations. Silver Eagles are also a great investment. I've had very good prices and service in the past from Franklin Sanders as well as GoldMasters. If you live outside of Oklahoma (to avoid sales tax), you can try American Precious Metals Exchange in Edmond, OK.

Investment guru Jim Rogers, who correctly called for $100 a barrel oil and $1,000 gold in 2006, urged investors in a recent speech to "avoid the dollar at all costs." "The best investments in 2008 are commodities and natural resources. Agricultural prices have much higher to go over the next decade. We have a shortage of everything, including seeds.''

Any money you leave in US stocks (except selected precious metals and commodities), bonds, and money markets will become worth less and less as inflation eats away at their value. Be safe, not sorry. As Gary North is famous for saying: "Procrastination kills."

My good friend Michael Pink updated my store closing list in today's earlier post with news that Starbucks will be closing 600 underperforming stores in the US. I didn't need that last bit of lingering optimism anyway!

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