Are Stocks Still Worthwhile Investments? A Reconsideration: The Odds of a Panic
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The time at which most people believe a significant stock market correction will occur – whether because of interest rates, war, budget or trade deficits, excessive public and/or private debt, or events in China (or some other reason) –may actually be a time when it is less likely to happen. I have discussed this aspect of market psychology in my article, Stock Market Investing and the Power of Contrary Opinion.
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When Gold Speaks a Thousand Words
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In the last three and a half decades we have encountered both periods of relative stability in the price of gold, but also periods of extreme volatility. When President Nixon took the United States off the gold standard in 1971, the result was a 9 year bull market in the price of the golden metal. There were two inflationary waves in the 1970’s, the first peaking in 1974-5, and the second more severe wave peaking in the late 1970’s and early 1980’s. This period was also marked by escalating oil prices, driven by the actions of an Arabian cartel. Eventually, the gold price rose from its fixed price of $35 to its peak of almost $700 per ounce (London pm fix) in 1980.
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