Think twice before investing in this…
Following Monday’s gold flash crash, the once highly valued precious metal hit it’s lowest point since march at $1,730.13 per ounce and experts are now claiming that the outlook for gold isn’t looking very golden!
According to Yahoo, founder of All Star Charts, J.C. Parets, is claiming that gold has surprisingly become one the worst investments a person could make these days.
“Nobody wants your rocks, right? I mean, that’s the theme … the gold bugs have come up with every story under the sun as to why gold should go up, and it doesn’t,” Parets said. “In fact, over the last year, you’d be hard pressed to find a worse investment over the last year [than] gold.”
Parets added, “I mean, literally, you could have bought anything and it would have made money but not gold, you know, so it just really is the worst of the bunch. And even in commodities, literally every commodity in the world is going up, except for gold.”
Parets insisted that he steering clear of anything gold and silver right now.
“It’s really a supply and demand game,” Parets further explained. “Some people like to have conspiracy theories about gold and [it being an] inflation hedge, and [they’re all just] stories. And so you can listen to those stories, or you can focus on the only thing that’s actually ever going to pay anyone, and that’s the price of gold.”
Parets later added that he simply does not know when gold will rebound. He believes it likely won’t be this year and might return back to normal within the next year or two.
So, will you dip your toes in the gold market? Share your thoughts in the comments below…