No i hope it didnt sound like that. I dont have a timescale but when/if we reach $3000, then that is the point where i will start to sit up and watch the markets a little more closely.
Where i was coming from is that as I have a buy & hold strategy, I am aware that this strategy also breeds inertia. You tend to become acustomed to the volatility of the gold price and the danger is that i will hold through thick and thin when the time has come to get out. When we eventually reach the top in the gold price, the downside will take many of the unwary by surprise, but for now, i am sure we have much further to go
The average joe's that i talk to still think that property is the way to go!
This week has been a bit of a schadenfreude moment for me seeing gold go through £1000. Back in 2005, a (now ex) friend and I were discussing investing, and despite me taking the contrarian view of the time warning him of the dangers of property investing, he laughed in my face and went ahead and bought a Bulgarian holiday flat. I then told him i had bought a significant investment in gold miners, warned him of the risk of bank/sovereign defaults,(unheard of in 2005), which once again he laughed in my face and publicly humiliated me!
Now I dont know about you, but I get a bit hacked off when someone laughs in my face!
So I have been waiting for the day that "gold hits £1000" was splashed across every tabloid newspapers front page....(and even "third bong" on news at ten!)....and this week was the week that I had my schadenfreude moment, returned the gesture and laughed in my ex friends face! .
As for the Bulgarian flat?......thats nicely underwater now and he has never had a single let in the time he has owned it.