Gold bugs fly high as value soars

It’s a hedge against a lot of bad things — but a risky one

By John W. Schoen
Senior producer
msnbc.com
updated 5:18 a.m. PT, Tues., June 8, 2010

Were you smart enough to sell your tech stocks in March 2000? Or your house in July 2006? If so, you should seriously consider buying some gold. A lot of it.

But if — like most people — you don't have the gift for knowing when a financial bubble is about to burst, you may want to take a deep breath before calling the 800-number on that infomercial, selling your jewelry at your friend's "gold party" or converting 5 percent of your hard-earned savings into shiny Maple Leaf gold coins.

It certainly is a great time to be a "gold bug," as fans of the shiny metal are known. Gold typically thrives in times of crisis and uncertainty, and that is one reason the metal's price has jumped 15 percent since February and nearly doubled since late 2007.

The latest surge has been driven by worries about the European debt crisis and its impact on the euro. The “safe havenâ€