Hat tip to Justin - Gold drops 25%! by Michael Pascoe:
So much for the rampant gold bugs wetting themselves about chart levels and such, never mind the overtime being worked in the mini-industry that exists around promoting gold.
As gold sceptics know, the yellow stuff occasionally has a day in the sun when there's fear and loathing in the financial system ...
But don't try to tell hard-core bugs that – they've long been inured to Shakespeare's warning that all that glisters is not gold.
I've created a new label called "Gold Haters" so I can keep track of them for future reference.
So much for the rampant gold bugs wetting themselves about chart levels and such, never mind the overtime being worked in the mini-industry that exists around promoting gold.
As gold sceptics know, the yellow stuff occasionally has a day in the sun when there's fear and loathing in the financial system ...
But don't try to tell hard-core bugs that – they've long been inured to Shakespeare's warning that all that glisters is not gold.
I've created a new label called "Gold Haters" so I can keep track of them for future reference.
"As gold sceptics know, the yellow stuff occasionally has a day in the sun when there's fear and loathing in the financial system .."
ReplyDeleteIt's day in the sun has been about 7 or 8 years now hasn't it. Lordy they can talk some rubbish when they want.
Pascoe is a well known tout for the banks. He frequently mentioned buying bank shares at the top, before the mighty fall. Now that they're 'recovered'to -21%, he feels somehow vindicated by attacking gold. Coupled with the astounding news that Australians would actually use Aussie dollars to purchase gold would have to put this guy in running for the next Nobel Prize!
ReplyDeleteIn future hindsight, the prize might be Best contrarian bottom call for the gold market. I also note that this person is a journalist, and to my knowledge, hasn't held any positions in any other career path. Lucky for him.
I think I might purchase some more gold, but I might wait until after the G20 at this point. One can't have gold embarrassing the men behind curtain, now can we ?
ReplyDeleteI expect the pm's will at least be muzzled if not dropped to ensure the perception of omnipotence.
But we must also watch out for Kevin arriving back home and announcing some more USD swaps.
Interesting to note last year's swaps were fixed term but were extended. I suspect they may now be perpetual. If we get saddled with further swaps watch AUD drop. And of course gold in AUD to spike.
Now we just need Gittins to chime in with a gold-negative article and we'll have a Trifecta!
ReplyDeleteI'm not sure if this person qualifies as a gold hater, but maybe a gold clown.
ReplyDeletehttp://www.watoday.com.au/business/gold-rush-may-not-pan-out-20090914-fnxe.html
I think a gold clown. A gold hater IMO demonstrates an emotional streak in their writings - you can feel the smugness, the smirk. Your WA Today guy seems to take a factual approach.
ReplyDeleteEveryone keep your eyes open and let me know of any more gold haters out there.