Europe Makes It Easy to Buy Gold
The Europeans make some decisions simple and easy, a decision like whether to buy gold or not.
For most of the last five months, since gold peaked in October, the precious metal has been only a so-so place to be. The SPDR Gold Shares
Until this week it seemed like gold, which has been a monster performer for more than a decade, had finally lost its luster. The drift down looked to be the beginning of something larger and the collapse of the gold stocks en masse seemed to be forecasting the halcyon days of the GLD were over. The great multiyear bull market, alas, was ending.
This article originally appeared on March 19, 2013, on RealMoney. To read more content like this + see inside Jim Cramer's $3 Million portfolio for FREE Click Here NOW .
And then the Europeans stepped in to stem the decline with the absolute dumbest, most bone-headed plan I have ever seen to tax the depositors, the small-time depositors, of a poor country that is inundated with hot money, perhaps hot laundered money from the oligarchs of Russia. That's right, the Europeans with the help of the IMF reminded you just how stupid the concept of the euro is and how it is untenable both to own the euro and now to keep it in a European bank. Their moronic plan for Cyprus gave you a super reason to go right back into gold.
Now, before I tell you how I think you are getting still one more fantastic chance to buy the precious metal, let me just say that I don't want to fall prey to the notion that what should happen will happen. I think that if I had money in a European bank I would just say "to heck with it, I am going to put it in an American bank. Who the heck needs this worry?" I would particularly feel that way if I were wealthy and had the ability to wire the money with a keystroke to JPMorgan Chase