This billionaire just put half his net worth into gold

[ABX]

The chairman of Orascom Telecom Media and Technology Holding S.A.E. told Bloomberg in an interview from Cairo this week that he sees gold surging up to $1,800 an ounce while the “overvalued” stock market hits the skids. .....

https://www.msn.com/en-us/money/markets/this-billionaire-just-put-half-his-net-worth-into-gold/ar-AAwABYe?ocid=spartanntp

[Frank Cannon]

Yeah right. I have been listening to the gold bugs predict this shit for over a decade. Fact is that spot gold prices are a bigger rigged game than stocks could ever hope to be.

Bottom line, this ain't happening for any long period of time.

[ABX]

Yeah right. I have been listening to the gold bugs predict this shit for over a decade. Fact is that spot gold prices are a bigger rigged game than stocks could ever hope to be.

Bottom line, this ain't happening for any long period of time.

He isn't talking about extremes like the doomsayer gold bugs keep predicting, just a short term correction with a move from 1300 to 1800/ounce.

[Frank Cannon]

He isn't talking about extremes like the doomsayer gold bugs keep predicting, just a short term correction with a move from 1300 to 1800/ounce.

That's pure wishful thinking that gold is going to run up $500 an ounce this year. You may as well play the Crypto game.

[ABX]

That's pure wishful thinking that gold is going to run up $500 an ounce this year. You may as well play the Crypto game.

That isn't that much of an extreme. That is a similar pattern we saw in 2012 with similar prices.

[the_doc]

That's pure wishful thinking that gold is going to run up $500 an ounce this year. You may as well play the Crypto game.

If we go back to the gold standard for the U.S. dollar, then gold will go up a lot.  (I admit that I haven't kept up with the gold standard proposal that I heard a while back.)

Speaking of wishful thinking, Frank, I do wish we had gold-backed currency again.

[Frank Cannon]

That isn't that much of an extreme. That is a similar pattern we saw in 2012 with similar prices.

Yea, but it was ramping up for a year prior to that and the hysteria fed itself until people wised up. Right now prices have been flat  for a long time.....

[Frank Cannon]

If we go back to the gold standard for the U.S. dollar, then gold will go up a lot.  (I admit that I haven't kept up with the gold standard proposal that I heard a while back.)

Speaking of wishful thinking, Frank, I do wish we had gold-backed currency again.

Right. So we could have a handful of corrupt clowns in London set the price of our money instead of a handful of corrupt clowns in DC.

[the_doc]

Right. So we could have a handful of corrupt clowns in London set the price of our money instead of a handful of corrupt clowns in DC.

Mebbe so, jus' mebbe. 

(I am no monetary policy wag, but I suspect that a handful of corrupt clowns in London are already the ones who are "setting the price of our money.") 

[Frank Cannon]

Mebbe so, jus' mebbe. 

(I am no monetary policy wag, but I suspect that a handful of corrupt clowns in London are already the ones who are "setting the price of our money.")

I have my fingers crossed for internet money to become stable and naturally take over. As long as the big banks and countries keep their hands off it, it may have a chance of becoming what we all thought gold was years ago.

[jmyrlefuller]

I have my fingers crossed for internet money to become stable and naturally take over. As long as the big banks and countries keep their hands off it, it may have a chance of becoming what we all thought gold was years ago.

The "big banks and countries" keeping their hands off it has about as much of a chance of happening as Rochester freez—well, you get the picture.

[driftdiver]

The "big banks and countries" keeping their hands off it has about as much of a chance of happening as Rochester freez—well, you get the picture.

Whose to say the big banks or CIA aren't behind some of these cryptocurruencies