At the beginning of last week, I was challenged with a wager on the gold price. The individual, who called me a “gold pumper”, wanted to bet $1 million on the gold price going below $1,000 before it reached the Maginot Line at $1,350.
Since the gold price was $1,325 when I received the challenge, the odds looked pretty good to me. Gold only needed to go up $25 for me to win $1 million but down $325 for the challenger to cash in. Thus, a no-brainer really, especially since I was totally convinced that gold would break the Maginot Line soon. Read more…