From iTulip:
People have no idea what a bubble is like. I lived through the gold bubble of 1979-1980.
- Gold was what people talked about at parties.
- Gold was quoted everywhere.
- Ordinary people knew about gold and silver prices.
- People who had gold or silver to sell would wait weeks for an assay because the smelters were backed up unbelievably. BTW, if you wanted to sell a bar, you were out of luck because it took too long to get the assay done and nobody wanted to bother.
- Rare coins, jewelry, all was melted down at the smelters, without discrimination. This was a mad panic to buy gold and silver.
- This is NOTHING like a bubble. Sure there is more interest in gold because it has gone up. Sentiment FOLLOWS price.
And from another commenter:
there are 2 all news a.m. stations in nyc. during the late ’70s each one announced the price of gold every 30 minutes [wcbs at 25 and 55 after the hour, wins at 26 and 56 after the hour] as part of their regular business segments. i’ll worry it’s a bubble when that starts happening again.
Previously – How will you know gold is peaking?
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