A little less than four years ago, the world looked like it was about to end and gold hit an all-time high of $1,895 an ounce.
The United States had manufactured a debt crisis, and Europe hadn't been able to manufacture a solution to its actual debt crisis, so panicky investors sought safety in the same place they had for 5,000 years: a shiny rock. The only problem, as you might have noticed, is that the world did not, in fact, end. It's still here, so gold prices aren't. The yellow metal has fallen 42 percent from its peak—and 8 percent in just the last month—despite the fact that the Federal Reserve has printed more than $1.5 trillion in this time. That, after all, is what gold aficionados said would make its price go to the moon, if not infinity and beyond. So what's happened? Well, exactly what economists said would happen.
Hah! God I love this!
The article goes on to point out that gold does not pay any dividends, or interest like other investments, however it does cost money to store. So not only were the conservative morons who put their life savings into gold about to go bankrupt but they are paying a storage fee for the privilege.
As I am sure most of you know Right Wing media outlets like Fox News and talk radio, have been awash in advertising urging everybody to put all of their money in gold before the zombie apocalypse, or something like that.
And of course like good little lemmings they have been doing exactly that.
Only now those golden parachutes of theirs are more like shiny anvils tied to their ankles as they struggle to stay solvent.
I imagine that pretty soon we will see elderly conservatives jumping out of windows all over the country in response to this news.
Not to worry however as most of them live in one story trailers so the fall should only result in a sprained ankle and some minor abrasions.
Unless they land on one of their personal mobility devices that is. Because THAT could really leave a mark.
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