I had the chance to buy some ingots today for $1185.00 each. The guy needs cash and was looking to make a deal. With gold trading at lows last seen about 9 months ago, I felt somewhat drawn to this. But, alas, I did not go for it. I see the chart and the prices seem to be wanting to break support and go lower, so I am a little worried about the bottom falling out. I told my broker a while ago to be looking for some ingots when the price hits $800.00. He said I was crazy when I told him that when the price was around $1500.00 in March of last year. He told me I was passing up a good thing, but I came back and said just keep an eye opened. Well, he called me today and was very excited about the $1185.00 which is below spot by 3%. I, on the other hand, plan on buying in the $800.00 range. I like to have some assets that are tangible, so a little gold at a good price is on my list. If it drops to the $800.00 level, that would be a price not seen since around September of 2008. Although the current price is not where I would like it, it is lower than it has been in a while and getting closer to my magic number. I think I will hold my ground like I have been doing with the real estate. I prefer not to chase the deal.
Does anyone have any thoughts on where gold might be headed? Do you invest in gold as an asset class? Any thoughts?
Robert the DividendDreamer