Market Correction In Process?

Gold down to $1300?
Market down?
Silver below $20.

Time to buy? Correction based on Bernanke's comments yesterday?

Fred,

Pick a time when both the price of gold or silver and the price of farmland globally was somewhat stable in the last 200 years...

If the price of gold or silver today, has grown more than the price of farmland or even the same rate, metals are then overpriced, if it is less, perhaps it is a good time to buy, for the long haul. IMO.

More gold is found each year, each year there is less farmland. Yesterday would have been a good day to buy farmland.

Less farmland but more is being produced per acre, so how does that work with your theory?
I think there will be plenty of bargain hunters tomorrow.

I was just screwing with you, I don't follow gold. I work mostly in tangible things. Not that gold is not real, it just has too volatile of a value for me to hold interest, I cannot influence it like I can with my other investments. I cannot work harder to make more.

Is the increase in production per acre or indoor acres more than the loss of farmland and the increase in population and it is sustainable....I factored it in my gut and my gut says farmland is pretty valuable in the long run and gold will be mined on asteroids before I die.

Going down?

This is still not making sense to me. If a market correction is coming, gold should be rising. If the economy is coming back, like the Fed seems to say by slowing the QE, the market should be rising and gold falling, but both are falling.

No Fred, the market should not be messed with and we should not print money even based on gold let alone nothing.

I suggest a free market with money backed by farm or timberland in a country....or the amount of water reserves, something with real value aside from random high tech gadget parts and fancy necklaces. Every human on the planet uses all three of those on a daily basis, just about always has and always will regardless of the state of technology. The value of gold is what you can make from it - very little in the long run.

I have very little daily use for gold, as do most, and when I do, I need very very little of it. All your market mumbo jumbo on gold is based on very little that is in fact in a very high state of manipulation. Gold may certainly go up again soon, but this is more like playing cards than a market. Most of us don't play cards for a living, we work....but many seem to be obsessed with both, earning a living for most of their life and then gambling it away in the stock or metals markets - fake, highly manipulated and little understood markets.

Agree about the faddishness of gold, but that is what it is really worth, whatever the majority of people will buy it or sell it at.
And it is all a big crapshoot. You are speculating what people will do, and while the "smart money" might be getting in, if the herd starts selling, it can still crash.

I emailed Dramamine to my broker this morning.

FredHayek wrote: Agree about the faddishness of gold, but that is what it is really worth, whatever the majority of people will buy it or sell it at.
And it is all a big crapshoot. You are speculating what people will do, and while the "smart money" might be getting in, if the herd starts selling, it can still crash.

But alas, now we can discuss the difference between price and value. People willing to bet on prices that are not based on value, but rather on the random decisions of people that don't realize they have no role, but are given one of the largest, have bigger balls than I.

Land, bushels, hungry, value
Land, board feet, cold, value.
Land, ore, stuff, value.

Shiny, FED, traders, price.