Wednesday, April 20, 2011
Gold Tops $1,500 an Ounce
Today, gold topped $1,502.
The get-rich-quick creative real estate gurus who encouraged you to buy overpriced single family homes to flip them in "the greatest time to invest in real estate ever" in the same year made you how much money?
Oh yeah. My advice to you was FREE. How much they did charge you for that home study course and the seminar ticket on preconstruction condo flipping and lease/options?
Oil today is upwards of $109 a barrel.
Gasoline is way above $4.00 per gallon in many markets, including my own.
By summer, many markets will be selling gas for over $6.00 per gallon.
Who in their right mind thinks this is a recipe for economic growth? Real estate investors will get killed on suburban development in this type of market.
We are seeing an unraveling of the American middle class right before our eyes. The financial class is running scared towards gold and other commodities while the working class gets higher taxes and inflation and collapsing asset values on all the equity they own, starting with their 401(k)s and homes.
The American Middle Class is being wiped out and all the Obama Administration can do is lobby for S&P not to release its debt ratings on U.S. Government bonds.
If gold hits $2,000 an ounce and oil goes to $150 I would not be surprised at all. Here is another author that agrees with me. The children play in Congress spending the hard earned money of others while negotiating how they can borrow trillions of dollars more.