Where Were the Experts When Gold was $255/oz.

Gold is in a bubble and Silver has gone parabolic!This is some of the commentary I am seeing and hearing as both metals breach all-time highs.Notice, this occurred over a long holiday weekend when U.S. traders were inactive. It's as though someone was saying, "Now watch!When those stupid Americans see both metals reached record levels, the experts will tell them it's time to sell.Then we can buy more! Hahahahaaaa!

I think back to a time when I sat with the CFO of a very large university at a college football game.I learned who he was and what he did after a brief introductory conversation.When I learned he managed the endowment fund of the university, he explained that they like income-producing property.As I always have, most of my adult life, I casually commented, "you should own some gold."He kind of snickered and said, "What's it at now?$450?Where can it go from here?"I just smiled.

Now, everyone has heard the story about the University of Texas and their purchase of $1 billion in gold.[Note:It was not the University of Texas CFO with whom I sat with at the game.]The point is, most Wall Street experts and other recognized financial experts, have never really recommended gold.And, each time gold has made a significant move above a psychological point of resistance, the naysayers always raise the question, "Is the gold rally over?"

Meanwhile, back at the Capitol, both sides of the aisle are predicting economic Armageddon if they each do not get their way.Every impetus that has driven gold to these levels, and now silver, still exists.Rising debt, soaring deficits, inflation fears, and a weak dollar - just to name the big ones.I will acknowledge one major change.All of these situations have grown increasingly more critical with no relief in sight.Finally, the politicians agree! . . . well sort of!

If you just look at all this with an ounce of logic, it seems there is no reason for gold and silver to reverse course.If the situation is becoming more dire, then why would gold and silver demand and their respective prices drop?

I will agree, nothing goes straight up and there will be those who need and want to take some profit along the way.That's what it's all about.You make a strategy, set targets and stick to the plan.For those who own silver at prices that allow them to take a little profit off the table, good for you.But, if you sell because your resident financial expert says the party is over, just look at that person and ask, "at what point were you recommending gold and silver for my savings and retirement accounts?"

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