“Whenever you bought into the market when it was selling at the present multiple of, say, 22 times or higher, you’ve never really made any serious money one year, three years, five years out. I think that’s what we’re looking at.” – Leon Cooperman
USAGOLD note: As the late, great Richard Russell (Dow Theory Letter) used to say: “Trees don’t grow to the sky, and liquidity doesn’t expand forever.” Here’s another bit of wisdom from Russell: “[i]f all goes wrong, gold is real, time-tested wealth. Gold stands alone as money outside the central bank system. If the Federal Reserve was abolished tomorrow and the U.S. was to renege on all its debt — gold would still be money.” (Kitco,3/10/2006) That was roughly 18 months before the first signs of the oncoming credit breakdown emerged. The gold price was $540 per ounce.
Image: Dutch 10 guilder “Queen” gold coin