Gold is down to $1117.00
Gold is down today, a trend I expect to continue as folks trade in their gold for cash this holiday season. I absolutely love it! It is recycling and I love that people are finding the extra cash they need right in their jewelry boxes. Another thing to appreciate is that the supply is never going to “flood” the market or “dry up completely”. I expect the supply chain of recycled gold to be steady with peaks and valleys corresponding to the times when people are most likely to need extra cash.
One concern I have is for the welfare of gold miners. We are always going to need newly mined gold, but just not as much of it. What is going to happen to the laborers who are viewed as disposable by these large gold mining operations? Probably what has happened to every other “disposable” laborer when their respective market tightened up. I am hoping that at least one of these companies realizes what companies like Starbucks, Costco, and a small handful of others have: It isn’t all about the bottom line, and when we all do better, we all do better. …..It could happen.
