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.


  1. Then why write this post? BTW since googling MLM the cookies are following me everywhere even in your banner ads. Hope my click through costs those fuckers.

    1. It could be argued that the moment Ritholtz and Sweatervest are chatting with each other about how much gold sucks, and everyone else has already shut up including the goldbugs, that this indeed is the gold bottom.

    2. I am sure we are at the bottom now and will bumble along here until some catalyst pushes it higher. Too many losses have occured in this sector to attract the flow of funds back.

    3. But also, too many companies have been proven worthless for capital to give them money again. So the 1% might run back up.