Gold Posts Biggest One-Day Loss Since 2008
You can almost predict the oft-repeated explanations the pundits offer up every time the precious metals behave irresponsibly.
- The trouble with being a contrarian is that you can never be quite contrarian enough. We began having doubts about the ‘feds inflate…gold soars’ hypothesis last year. It was too easy…too obvious. And if it were that easy to inflate a nation’s currency, how come the Japanese couldn’t get the hang of it in the ’90s?
- Inflation, yes…but not for a while. And gold? Well, we are in it for the long run. In the short run, anything could happen.
- To clarify our view on gold, The Daily Reckoning is not bearish on the metal. It is not bullish on the metal either. It is buggish. We are gold bugs. In the long run, gold…
Silver, But No Silver Lining
By Robert Singer
The end of our consumer society is on the horizon, which should be no surprise to anyone who took Economics 101. Do we really expect to spend our way out of this mess by buying and selling each other useless cheap stuff from China?
As the financial collapse gathers steam, gold and silver oracles like Butler, Friedman, Morgan and Turk who have been predicting for years the launch of the price of silver to the moon will see their prophecy fulfilled, but a celebration is not in order.
Being wealthy during the last 60 years of unprecedented prosperity at the expense of the Third World and the environment is one thing, but profiting from a bull market in silver when millions of hungry Americans are living in tent-cities next door…
