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Strategies & Market Trends : Aardvark Adventures
DAVE 197.61-3.3%Dec 12 9:30 AM EST
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From: ~digs3/16/2008 3:09:37 AM
   of 7944
 
Long snubbed by most investors as doomsday-conspiracy crackpots, gold bugs aren't the only ones hording the precious metal anymore. It turns out that the rest of the investment world has gotten caught up in the buying frenzy too. And market blowups like the one surrounding Bear Stearns Cos. Inc. only embolden buyers further. Gold's breakneck surge over the past year was largely the work of mainstream investors, who have been forced to reckon with the biggest credit crisis in decades, the very type of financial tsunami that gold bugs have long been dreaming of -- and betting on. With gold breaking the barrier of $1,000 an ounce this week and surging over 40% over the last year, a growing number of investors that joined the fray are finally acknowledging that gold bugs' plans for apocalypse weren't so kooky after all. The expression "gold bugs" is believed to have found its roots in the U.S. presidential campaign of 1896. Supporters of the gold standard - standing in opposition to the coinage of silver -- wore pins portraying golden bugs. Today the term refers to investors in gold whose bullishness for the precious metal borders on faith. Many are deeply skeptical of paper currencies and believe gold is the only asset that will retain its value over time. Gold bugs have long predicted the demise of the dollar, a general loss of any sense of value, rising global tensions, and a breakdown of social order, all pointing back to the ever-eroding shine of gold as the ultimate safe-haven asset.

marketwatch.com
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