Gold Procrastinators: The Endless Agony
by Gary North
It happened again on Wednesday, January 25. Gold shot up by $50.
Across the nation, a band of perpetual procrastinators thought to themselves: “I knew! I knew! Why didn’t I buy?”
This is the never-ending cry of the perpetual gold procrastinator, year after year. “I knew! I knew!”
It is immediately followed with: “I’ve learned my lesson this time! The next time gold’s price falls, I’ll buy.”
No, he won’t.
Why not? Because, when gold falls, he’ll say this: “The decline is just getting started. It will fall even more. I’ll wait.”
He will wait patiently until gold’s fall reverses. He will then say to himself: “This is temporary. It will fall back.” Then comes the explosive move upward. Then he will say: “I knew! I knew! The next time gold’s price falls, I will buy. I mean it this time. I really mean it.”
Year after year after year, this is the pattern.
There is a page you can go to and find exactly what gold sold for, stretching back for over a decade. It’s here. Here we learn this: on September 5 and 6, gold peaked at $1,895. Then it fell. It bottomed on December 29 at $1,531.