The adage is to buy low and sell high. Americans, and world denizens, have been buying high from the stock market for more than a decade. The stock market was driven up to historic highs, and generally peaked at a Dow Jones 14,903 on October 12, 2007, a year ago today (Sunday).
Over the past year the price of gold has hit historic highs, although it is down to $849 per ounce today. Investors have been selling diminishing stock values for increasing gold values.
Speculation drove the market up, and now it’s driving the market down. GM says that it will not declare bankruptcy, but stock is down to $4.68 a share, down from $46.64 a year ago.
Dagger readers should remember to buy low and sell high. Gold is now high, and stocks are low: do the opposite of what everyone else is doing to make your fortune. Since neither the Dagger nor myself are financial experts or have any interest in giving you financial advice, remember that investments are risky because they have risks! Determining when things are low for the buying and high for the selling is the trick and the risk; if you’re taking the risk, be willing to accept the consequences.
Since The Dagger can’t give financial advice, let’s let the readers make the decision. Dagger readers, when will the market hit its low? If you’re right and collective predictions find the low, you can all make enough of a fortune buying low and selling high to donate to your favorite online news medium.
The market is at 8,451 as of this writing, down about 2,000 points from two weeks ago and down 6,500 from 364 days ago. Time for some Market Prognostication, and the winner is the one who ends up making a profit through this crisis… or maybe the winner is anyone who just manages to survive: what number will be the Dow Jones low for the year?