When the New York Times runs a front page story suggesting that now is the time to buy gold and they quote Peter Schiff saying that paper money may become useless, is it time to buy, or a classic signal that the hype exceeds reality? Personally I think buying land, livestock and seeds might be a better bet…
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It is the resurgent passion of the doomsday crowd, a bet that everything will go wrong. No matter what has you worried, they say, the answer is gold.
Inflation, deflation, government borrowing or the plunging euro — you name it — the specter of these concerns has set off a dash to gold, driving the precious metal to new highs and illustrating how fears of economic turmoil have moved from the fringe to the mainstream.
And gold bugs, often dismissed as crackpots who hoard gold bars in the basement, are finally having their day.