It's telling us the gold bugs really loved Bernanke's sorta-promise to keep devaluating the dollar, if necessary.
(It's, also, telling us that people can now buy "paper" gold, in GLD, et al. That's gotta change the game, too.)
My portfolio has accumulated more commodities as an infaltion hedge. It is quite clear that the Fed and the President are intent on devaluing the dollar to deal with the debt and to spur exports. To this point they've been able to get away with it because the rest of the developed world is so screwed up we can still borrow money cheaply.
The one place where inflation has reared its ugly head is in food and oil.
Inflation is a huge, ugly, hidden tax. When it hits the system fully it will devistate equity values and bond values and will make consumer and business borrowing even more difficult.
Thought I would let everybody see how their opinions have matched up with reality. Gold today broke the $1700 barrier for the first time.
Well, Beck was right.
Buy low, sell high.
I think it's trying to tell me that my wedding ring is worth a whole lot more than what I paid for it.
Saw and ad today (didn't read the story) where Glenn Beck was using the Boston Bombing to urge people to buy gold. I'd call him an a-hole but a-holes have a purpose.
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