“Two
years ago gold bugs ran wild as the price of gold rose nearly six
times. But since cresting two years ago it has steadily declined,
almost by half, putting the gold bugs in flight. The most recent
advisory from a leading Wall Street firm suggests that the price will
continue to drift downward, and may ultimately settle 40% below current
levels.
The rout says a lot about consumer confidence in the worldwide recovery. The sharply reduced rates of inflation combined with resurgence of other, more economically productive investments, such as stocks, real estate, and bank savings have combined to eliminate gold's allure.
Although the American economy has reduced its rapid rate of recovery, it is still on a firm expansionary course. The fear that dominated two years ago has largely vanished, replaced by a recovery that has turned the gold speculators' dreams into a nightmare.”
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