Putting his money where his mouth is…”Gold to hit $1650 by 2011″

I love people who walk in so much confidence that they’re even willing to put their money where their mouth is. Here is an article where the author is willing to bet anyone $1000 that gold will have hit $1650 by 2011. He is asking people to look for those who write and disagree with his sentiment and to tell them of his wager. I only wish I had a way of knowing how many people take his bet.

I think gold will hit $1200 before the end of this year and $1500 by then end of 2009. My numbers may be more agressive than his, but I also think we could both be way off the mark and gold could be at $3000 by his due time. For me, I just think there are too many variables pushing Gold to skyrocket. Also, we haven’t seen the “mania” cycle yet where the masses go out and make silly purchases at the top of the market. The mania this time around could be outrageously ridiculous compared to the last time as baby boomers will scramble to protect their assets.

Today’s headlines are all about the unemployment report. Yesterday I mentioned that I felt it was a no brainer that the unemployment numbers would be increasing, but even I didn’t think it would hit as high as 80,000 new claims for March. I am afraid to think what next months numbers will be when the months starts with 5700+ employees losing their jobs to 2 airlines (Aloha Airlines and ATA Airlines)going bankrupt. More and more companies are looking to do mergers lately to protect themselves from total collapse, and this causes layoffs as well. How bad can this get? I guess we can only wait and see. Prepare for the worst and hope for the best. Build a financial foundation for yourself as soon as possible!