Gold was $680 in 2009, then the new resident genius Bernanke, goes the Greenspan route and raises him by lowering to 0%....gold has doubled from there...way to go Big Ben Bag Of Hot Air.
I coined phrase PONZINOMICS, that's what we have going here. Let's make it impossible to make any money on savings, so those poor bastards have to put their money in risky assets to make any gains......folks we are in return of principal times, not let's run to risky asset times.
Let's run up the FED balance sheet and let's pile on more historic govt debt and that's the way we get to prosperity times....excuse me...piling more debt on top of the already putrid debt....can you actually spend your way to prosperity?
I have many smart friends, they have all turned bullish. I don't mind that, you make money going up and maybe coming down, but I mean they REALLY turned bullish and think this is start of something wonderful like it really reflects what is happening in the real world.
I am castigated and disparaged for thinking this is all a mirage, that it is a house of cards, a glass house....a smoke screen...what us wrong with me.
Duratek
2 comments:
Relax. Nothing wrong with you. You know very well we are in a Kondratieff Winter. Gold is the only real bull market in a this winter. It will take time but things will turn your way. I understand your frustration in telling your friends to stay away from stock market as it keeps powering up on liqudity rockets. However you may be able to convince them to buy gold and gold miners. History has shown time and again that the general population is unable to resist chasing anything going up in price. Tulips, stocks, houses whatever. Since gold is also going up and its really in a bull market you may have more success convincing your friends to buy gold. Make sure you tell them to sell when we have a new monetary system or accord similar to Bretton Woods. Some big reset will happen in the future and then faith will be restored in fiat currency. We are a long ways away from that.
Paper will always be paper, any faith restroed would need debt and deficits to be paid down or have a gold backed currency. WHo says my friends don't already own gold and gold miners?
There is a lot of manipulation in the metals, and some trusted names are way underperforming like the chart of NEM I posted.
NO the public is near oblivious to gold...leaving the door open for a final blow out...but I keep sensing a near term top may be here
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