WCV on Why Gold Is Greater Than Straw

I loved this post of WCV's so much I just had to share it with you all.

On Wednesday, the central planners at the Federal Reserve announced that they will continue distorting the markets by manipulating interest rates to near-zero at least through 2014.

Gold took off like a rocket, rising more than $50 intraday. 

Stocks, the object of Ben Bernanke's obsession, didn't keep up, rising only one percent and then fading the next day.

There is a stunning amount of ignorance and misinformation about gold among the public, the financial press, and economists. Remember when banker Richard Wiggins trashed gold at $1200 in Barron's? And witness the ignorance in the comments here, including from economist Barkley Rosser, about gold being in a bubble in 2010 at $1200. Personal finance guru Dave Ramsey, who is otherwise generally outstanding, has been telling people to dump gold for years, including here in October 2009 with gold at $1000.

For the remainder, please head to WC Varones. Like immediately. If you don't, don't say we didn't try to tell you this repeatedly. Don't say you never knew. Don't say you thought we were joking. We will only repeat ourselves so many times before we give up, grab our gold and get the hell out of here.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.


Bill said...

The Fed's new policy of inflation targeting is equivalent to an explicit decision to debase the currency. The Fed has been trashing the dollar for years - the only difference is now they have blatantly admitted it and made it official policy.

Anurag 77 said...