Don't join the Gold rush just yet

I was ready to invest in gold yesterday when a trip to the hospital sidelined me.

Afterward, I heard Rick Santelli say on CNBC not to join the gold rush. There are conflicting signals coming from the global economies and currency trading.

The dollar is up, which is contrary to gold advancing much beyond the $1,000 psychological barrier. Gold hit that ceiling briefly today then fell back $6 per ounce. Still, some gold analysts are saying the metal could advance to $1,200 to $1,500 per ounce over the long-term.

Inflation also is another factor that encourages people to get into gold. But the CPI did not advance from year to year in January. Still, some credible people see a surge in inflation as governments across the world print more money from stimulus packages.

I still have a problem with investing in something as volatile as gold. Santelli's direction is gold to me. And so I will be patient for more traditional investment instruments when credit markets ease.

I hate to rush in with everyone else. Most of the profit may be out of the current vein feeding the surge. And I never could think of gold as a secure place to put money for very long. It is a haven for fear, which will ultimately ease.