Although Mr, Zuckerman does not mention me directly, he says, “For years, big gold fans were fast-moving traders and so-called gold bugs, a crowd of bears ever-convinced that the underpinnings of global economies and markets were set to crumble” which not only describes me to a freaking T, but is exactly what happened!Following news today that the Federal Reserve is going to print promissory-notes until the presses glow red-hot, gold has jumped almost thirty-dollars an ounce.
He also describes me pretty well, too, when he says, “Gold has disappointed some investors because it hasn’t been a home-run investment despite continuing financial ills” which is also the fault of the Federal Reserve, which is on record as saying that “the Fed stands ready” to dump as much gold onto the market as is needed to keep its price from rising.
And the reason they are openly manipulating the price of gold, which is the advice of former Fed chairman Paul Volcker, is because they are concerned about the price of gold rising, which is a clear signal that inflation is raging because the Fed is a bunch of money-maddened morons and the economy is in Big Freaking Inflationary Trouble (BFIT) because of them and their mismanagement of monetary policy with their ridiculous neo-Keynesian econometric stupidities! Hahahaha!
Jim Cramer, who has evidently never read the story of "Brer Rabbit and the Tar Baby" and suffered for it, sang the praises of Bernanke this morning on CNBC regarding the $1.2 trillion inflation of the money supply and expects to see long-term growth in the near-future as a result of the purchase of the worthless Treasury bonds.
I feel sorry for the guy, but then again, I don't have my own show on CNBC (nor do I want one), and I suspect before long he will have developed a keen appetite for corvus a l'Orange with thinly-sliced chapeau, served with nothing but the economic establishment's finest whine.
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3 comments:
LOL! I love the culinary imagery you've set out before me. Speaking of which, I think I'm hungry...
What would someone like me possibly derive such oral pleasure from, hmmmm?
I'm still not ready to give up on the stock market. There are so many steals right now to be had that it would be incredibly foolish of me to put my money into gold when I can try to max out my 401k contributions (and also lower my federal taxes!) with big stock purchases. I mean seriously, GE is 10.50/share right now, and $3200 will buy you about 300 shares, and all of that goes off your taxable income. Plus, they're still paying a dividend...
I'm not saying it's a total bust yet, but gold is up another 7% today (from what I saw on CNBC this afternoon). There'll be money to made so long as the market isn't zero.
As far as taxable income, dividends, and playing the bracket-game with the Feds, I'm out of my element, as my income isn't large enough to justify it (for now). I have looked at starting an IRA/Roth, but I'm going to opt for hard currency instead. But if it's working for you, go for it. Not everything is going to fail, and I'm certain a number of things will out-perform gold (and other commodities) in an extended slump, but I'm not versed enough in the market to pick them, but neither am I foolish enough to trust the opinion of "the experts".
(Although, one could argue that I listen to the Mogambo Guru, but that's attending to history by proxy.)
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