Replies to post #7909 on Direxion Daily Gold Miners Bull 2X (NUGT)

[Stocknawe]

They could find no wrong with gold when it was making higher highs, now that it has dropped $700 from the highs, they can find no right. Typical lemming sentiment, moral of the story, "think like a lemming!".

;)

[wallst-winest]

Nicely put. Couldn't agree more. I actually dislike gold and always have except for inflation ( to protect against price increases in cost of living and not to appreciate beyond these levels). In other words, gold should never outstrip increases in inflation and when it does, its a bubble. However, I stepped in to buy nugt a few weeks back on a bounce which has yet to come. I sold my gold at 1750 when many were arguing that gold would reach $2000-$5000. It became scary to me and I will never forget arguing with a trader about gold as I said " there is only enough gold on earth to fill three olympic size swimming pools". He said " thats the point why gold should be priceless" and my response was " thats the very reason why I dislike the gold trade". When everyone attempts to collect/ convert their trade to the physical commodity many many people will be left without a chair making gold worth less than what they paid for it. What good is something if you can't collect... We saw this in 1929 and it was called run on the banks.