lots of goldbugs are getting nervous recently over the drop in POG...goldbugs tend to be nervous by nature imo..i wonder how much of this latest selloff in gold is due to warren buffet? about a week ago there were numerous articles coming out that qouted buffet as saying "gold was worthless" (meanwhile he's buying silver)....

i have to say that usually i agree with buffet (historically, it's hard not to) but the fact remains that the entire world is in a state of flux and power restructuring. some folks see global financial wars (maybe even actual wars) brewing. countries have been getting bailed out left and right, the european union is hanging together by a thread and nobody's sure how this will all play out over the next 20 years.

for thousands of years gold has been the safe standard of exchange while countless government issued "faith based" currencies have come and gone in an instant...i hate to say it, but imo buffet is either purposely misdirecting investors or he's slipping.

with average cash costs over $750oz how low can gold go? imo if i had to call a bottom i'd say $1000oz but personally i dont think the gold run is over...i think we're gonna get a "financial shocker" that scares the price up dramatically (i can just feel it coming)...maybe china/US start squaring off (i cant see china keeping with a gold reserve that equals 1/5 that of the US) . maybe someone gets smart and brings back the gold standard, interest rates, high frequency trading meltdown, who knows? but when the sht hits the fan i dont want to be stuck with a wheelbarrow full of greenbacks....i want some gold, and maybe some canned food...and a gun...and a christina applegate look alike...