Ron Paul Interviewed on Falling Gold PriceSubmitted by Free Silver on Tue, 05/28/2013 - 07:37
Former U.S. congressman Dr. Ron Paul talked with Kitco News’ Daniela Camone at the Metals and Minerals Investment Conference in New York. He said that historically there have been high periods of volatility with gold but it is important to look past these short-term corrections.
“It is up and down, and it has been doing that a lot lately,” Paul said. “If (investors) are in gold for a short time to make a quick killing that ought to make them very nervous,” he said of gold’s recent correction in April. Prices plunged 14 percent in the two sessions to April 15, the most since 1983, and hit a low of $1,321.95 an ounce on April 16.
The excitement and the concern surrounding gold is greater than the need to be so excited and concerned he said on the sidelines of the recent Metals and Minerals Conference in New York.
Paul said that historically there have been high periods of volatility but it is important to look past these short-term corrections. Looking back, Paul reflected that in the 1970s gold went up to almost $200 an ounce then plummeted back down to close to $100 an ounce two years later.
“Everybody thought the world had ended for gold, “he said. Paul added these should have been seen as simply corrections in a roaring bull market.
Soothing nervous investors Paul had this advice to offer, “I was told one time that you shouldn’t be concentrating so much on the price of gold. What you should ask is, ‘how many ounces of gold do you own?’”