Sep 28, 2011 11:00 am
A cursory history of the gold market will tell you that these things go up and down, but once gold has hit a new peak the range in which gold prices play tend to stay within spitting distance of that height. At the moment due in part to slower growth and in part to uneasiness about the future economies of the entire globe but Europe in particular, gold is taking a bit of a hit. Okay, a big hit. But the stability of markets is not built day to day. The long haul prospects of gold remain great. Precious metals never go out of style for too long.
These days a NYC gold refinery would still readily buy valuable gold from anyone. This is because the market for gold is reliable. That is why folks got into this business in the first place. Gold refiners in New York and around the globe are quite simply not interested in making brash moves out of their chosen market. It has time and again proved more reliable than the stock market and is clearly better than investing in bonds.
Today the market could be bearish but tomorrow those horns may once again rise over gold prices. If not do not fret, the market always turns around in due time.