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IIRC the last diatribe I read on gold tagged the inflation adjusted mean price of gold @ $456... I will see if I can dig that up again, but the point is this, in any days dollars the "average price" of gold would be $456 dollars an ounce. Right now, people are paying almost three times that.

And what makes you think it is worth it? If it looks like a bubble, smells like a bubble and pops like a bubble.. maybe it is a bubble.

OK - I don't have a crystal ball, it could go higher.. But it seems that most of the commodities of this type are a mean reverting animal. There are a plausible scenarios, gold demand by investors is up due to ETF's, central banks may seek to store value in gold, and all other sources of demand increase but I guess i am just an old stick in the mud and I dont think in the long run any of these are going to support the levels we are starting to see.

The doctor has been wrong before and I will be wrong again, but the end of 2011 is when I see gold coming back down.
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