Gartman said, “If the public is selling gold, the prices are likely to go higher. The public is almost always wrong at major turning points.”
So, do you pity the fool who tries to sell gold chunky Mr. T-inspired necklaces from 1985?
Tom O’Brien, editor of “The Gold Report,” thinks consumers need to do their homework before making any decisions.
O’Brien has a major stake in the Tiger Metals Exchange. It is an online service which allows people to appraise and sell their precious metals by mail.
“We pay just about the most in the country. I opened this last year after I saw the amount of folks getting taken to the cleaners,” said O’Brien. “The reason for more kiosks is that consumers don’t understand the value they have in their possession.”
Huntington Asset Advisors Senior Portfolio Manager Peter Sorrentino said the rise in kiosks is an indication that we are entering a mature phase of the advance for gold.
“I would say we are likely in the sixth inning now. So there is still more to come. And, as we’ve seen with markets for the last twenty years, the latter stages are typically the most explosive, therefore the most dangerous,” said Sorrentino.
While it may be too early to determine what the gold standard is for kiosks, one thing is for sure—gold fever is hitting a new pitch.
Stephanie is Squawk Box producer. Follow her on twitter @StephLandsman
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