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Gold has crashed 40% from peak. Looks like Steve Keen got the magnitude right... but picked the wrong asset class. Gold is displaying the characteristics of a classic bubble...

I doubt you even saved enough to cover the stamp duty to buy back in. And gold is going nowhere but further down over the long term.

It's even worse than that. He sold his home a few years ago and put all the proceeds into gold and silver. :eek:

The author, David Llewellyn-Smith has been consistently wrong about the Australian housing market, so it's hard to take anything he says seriously. He is on the record in 2011 predicting a full decade of declining house prices. He has also been wrong about the unemployment rate, GDP, iron ore...