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Thursday, December 11, 2014

RITHOLTZ STILL HAS NO CLUE ABOUT GOLD: the movie


Ritholtz - creepy bald dude gets Ritholtz to repeat a bunch of Reuters-level idiot talking points about commodities on a video podcast.

1. Seriously, dude, I laugh at how much your explanations sound like the crap written by an intern at Reuters. You really are pulling stuff out your ass when it comes to commodities.

2. Jeff Macke is the creepiest face I've ever seen.

3. The collapse in oil prices has nothing to do with the US dollar, Barry. It has entirely to do with the commodity traders closing up shop and exiting the futures market. From speculative premium you've now gone to speculative discount. 

4. Hey Barry, Econ 101. Find the break-even price of the marginal barrel. There's your natural price. School is fun.

5. Hey Barry, why haven't you noticed that gold has been going up ex-USD? Maybe your problem is you think the US dollar is the only currency in the world?

6. Americans don't buy gold, Barry. Please, for the love of god, read some fucking supply and demand data. Look up which countries have increased their gold demand by a few hundred percent in the past ten years, and then ask yourself whether it's reasonable to assert that this trend should immediately stop.

7. Then please open a fucking history book to the page where leaching doubled gold production in the 90s, and tell me where another such doubling of supply is going to come from to power the next 10-year bear market that you think is going to happen in gold.

8. I'm serious, you look like you're going to die of a heart attack in the next 6 months. Your face is red and puffy and you look like your collar is strangling you. Lose some fucking weight.


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