Monday, April 15, 2013

All that glitters is not gold... - 15 April 2013

Ouch...

Look at the Gold futures MONTHLY chart.

Over the past 3 years, many have asked me about the 24% returns in gold investment schemes available. My reply always had been that it is a 100% risk for promised returns that may not exist if the company goes under, or worse, when gold price drops suddenly and demand is virtually zero.

Looking at the chart for the past few days of gold price drop, and today's price action, I feel for those who were in those schemes. Watch what happens now that Gold price dropped so drastically in a short span of time.

Only advice left is:
The sooner we learn from our mistakes, the lesser the pain will be.
Recognise the wise man who looks like a fool and the fool who looks like the wise man.

Good luck!

The MadScientist

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