I've been suspicious for a few days now that $1,200 was the new $1,000 and that central banks have been trying to hold that as a new line in the sand. But today, although the price will drop below $1,200 again, it was good to see that the new magic line had been breached at least once, hopefully sending central bankers all over the world into paroxysms of agony.
It's certainly going a lot higher before this bull run is finished. Though you'll have to hang onto your nerve, because as last week showed, it could also experience severe downward dispersive volatility before the overall drift upwards continues. And let us not forget that central banks and the world government elite are obsessed with the gold price, as it reveals what they are up to; and they still have an awful lot of gold in their coffers (probably, audits and the gold 'leasing' market withstanding). But as they sell their supplies and it gets shipped out of their physical control, they're going to have less and less bullets to fire until they are forced to reach the confiscation stage.
So if you can, keep your money in a country without a record of gold confiscation or a record of blocking gold imports and exports. So that's Canada, Australia, and a handful of others.
Or buy it physically and make sure you're the only one who knows where it is.
But whatever you do, make sure you go with Paul's, Marc Faber's, and Jim Rogers' advice, and approach the gold market with caution. Which will be good, because that will keep the price down and allow me to buy lots more at a cheap price! :-)
Well, when I say lots more, I'm pretty much spent up. But every spare penny I earn for the forseeable future is going into gold or silver related stocks and assets; assuming that in the upcoming hyperinflative crack-up boom depression, I have any spare cash.
We are living in interesting times.