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See You Next Year!
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(December 18, 2004) As gold settles in for a short Winter’s nap, so will we - shutting down our database on Christmas Eve. This year we are taking a week off to rest up, re-acquaint ourselves with our families, take a few deep breaths, and maybe head north and go play in the snow...
The year 2004 had enough excitement for any year, and for the gold market it was the fourth year in a row of a net year-to-year price increase versus the US dollar. Our sources in the Middle East are a little hazy about the current market in Frankinsense and Myrhh, but our gold business this year increased not only in dollar terms, but also substantially in terms of gold weight sold.

Ordinary Americans are starting to realize how totally dependent their financial security is on the strength of the US dollar, and lately, the dollar’s worth has been decidedly waning. Prices of nearly everything are rising, but no one wants to call it inflation. We'll just call it a run of bad luck, a freaky situation in which all the cost fluctuations experienced by American consumers happened to be...higher prices for everything! Just an unbelievable coincidence, I guess.

For a lot of people who have never thought about their home currency in a critical way before, it’s like those old Warner Brothers cartoons featuring the Roadrunner and the Coyote. We’re running along on dollars, earning more, gaining wealth (we think) and we have an absolute faith in our dollars, our money, until finally a little light goes off and we get a sense that there’s no support underneath us, and we look down like Wiley Coyote and see that we’ve run OFF the edge of the cliff and realize, uh oh, how far down a drop is that there? And all we hear in the distance is that maddening taunt “Beep Beep” and we know that, currency-wise, the jig is up.

Okay, so that’s not a great analogy. Obviously we’re tired and it’s time to take a break. The point is simply that more and more Americans realize that they need some real diversity in their assets, and since foreign currencies are not a comfortable fit for many, gold is the perfect alternative.

We’ll close around lunchtime on Christmas Eve December 24th, celebrate the holidays, rest up, and be back on Monday January 3rd, 2005.

I hope that you and yours have a bright holiday season, and we’ll forget about that whole Roadrunner and Coyote thing.

-Richard Smith

 

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