Sunday, January 12, 2014
Felix Salmon and Barry Ritholtz both have gold wrong, but I can't be arsed to write anything
IKN - Felix Salmon versus Barry Ritholtz. Y'all know my own opinion about gold (unless you're one of the many "analysts" coming here reading everything with blinkers on because some time in the past I insulted your fluffy little feelings about gold), so I can't be arsed to weigh in with my own two cents here, despite the fact I could probably make a few bucks in traffic, which is really my only motivation for doing anything on this blerg any more.
Anyway, as an incoherent retort to both, let me say that gold is insurance against existential risk, gold is an asset class outside the financial system, Indians and Chinese are still buying it, gold is not gold miners, gold is not money, 99% of gold stocks are frauds, Republicans are morons, there's no hyperinflation, Whitey is delusional if he thinks he has anything to do with gold anymore, forward contracts are not gold, Brent Cook is generally right, we must respect the threat of alien invasion, yadda yadda.
I won't go into more than that because I see that Felix Salmon's Twitter status page uses artwork from Lady Gaga & Beyonce's "Telephone" video. That alone ends all arguments.
Oh... and gold is attempting to break $1250 as we speak, bitchez.
Do you know anyone who's expecting this right now?
Even the hardcore goldbug newsletter writers are calling for a retest of the low, maybe even a lower low to $1150. Everyone is hedging their targets downward.