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Gold Prices Solid, up $100 in Fewer Than Two Years
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January, 17, 2003) Gold closed today at $356.60, within a dollar of its highest price since early 1997. After a 20-year period of dormancy in which gold was ignored by all but its most diehard fans, gold is now almost exactly $100 higher than its April 2001 low of $258.00. This rally started before Saddam Hussein became the focus of US attention, and will continue long after he has passed from the scene.
All the naysayers in the ‘gold is obsolete’ crowd have attributed gold’s rise primarily to the Iraqi war threat, but this rally in gold really has much deeper roots from back when gold prices achieved their ‘double bottom.’ This was in February of 2001, when gold made its second tumble to the $250s level, five months before September 11, 2001.

There’s no doubt that the US response to the terrorist threat and the designated “Axis of Evil” has had a hand in pushing gold prices upward, but gold was already in the process of a fundamental price revaluation, a long-term secular change which will outlive whatever the form and consequences of US military adventures abroad.

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It's Saturday morning, it's been a another helluva week, and I'm sitting in front of the screen at work, realizing that I really don't have time this week to contribute much in the way of new content for the Onlygold website.

It's a bit ironic that now that gold's perfect storm is upon us, I haven't much to say about it!

But in running a business, the first priority is customer service. Getting your customers' shipments or payments out promptly will always come first - everything else is secondary.

As for commentary, I would refer you to our "Archives" of articles from this website, going back to 1999. (You can access those past writings from the link below this article, or from our homepage.) Admittedly, these old articles are not exactly great literature - Our motto is "Some timely, some timeless, and some just time wasters." - but they show how we've made the case for gold ownership over the years.

Back when gold was cheap and boring, in September 2000, we ran an article entitled "Gold Is Cheap, Boring, and Something You Should Own."

I made the positive case for gold near its 20-year low in February 2001 in the article "Gold Falls to $255, Bounces back Sharply."

A year later, on February 9, 2002, I declared "Gold's Perfect Storm on the Horizon."

On October 1, 2002, we ran the article "Making the Sunny Case for Gold," in which I laid out today's rational and timely financial decision to own gold, in contrast to era of broken dreams which were the 1980s and 1990s for the long-suffering goldbugs.

A month ago, on December 13th 2002, I asked "Is Gold At Its Tipping Point?" The jury's still out on this question, but I strongly feel that we are, in fact, at that tipping point.

All these articles (and a few dozen others) are available in our Archives. You can read them there exactly as they were written, "warts and all."

To me, gold is a fascinating metal which will always be part and parcel of the human economy. To paraphrase Mark Twain, 20th century rumors of its obsolescence were greatly exaggerated.

And in the 21st century, we are already finding out that gold is quite alive and kicking.

-Richard Smith

 

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