The Perma-Gold Bears Hitting New Lows


"The anti-gold crowd calls anyone who shows even the littlest love for it 'goldbugs'"

Let me cut right to the chase. This interview on the usually highly professional Business News Network would be just plain silly if it wasn't truly sad. For years, the "Don't Worry, Be Happy" crowd on Wall Street used to fill the airwaves with the "Super Bowl" indicator for which the market was going to head. The stupidity of this was there was no fundamental or technical factor that could be derived from who wins the Super Bowl other than if you get enough people to believe this fairytale and act on it, you could make it a self-fulfilling prophecy. Other than that, there was, and is, no economic factor whatsoever that will be derived from the AFC or NFC winning the Super Bowl.

This interview today will appear innocent enough to most but it goes a long way in my long standing argument that gold will never be well received by the financial industry in general and much of the media that make its living reporting on it because in the end, it's the enemy to financial assets. And stock and bonds make the financial services industry go round and round (not to mention sell advertising).

What bothers me to no end is an organization like GATA, who at the very least has demonstrated concerns about gold being manipulated are not only justifiable, but have played a role in getting us in this financial mess worldwide, can't be heard by the same media that gives such foolishness the time of day. Oh, and the fact that GATA has been right for years on gold and these others haven't also plays a role.

While this is just one example, it's just another in a long list of factors that gold has up against it but in the end IMHO won't matter much. The anti-gold crowd calls anyone who shows even the littlest love for it "goldbugs" or worse. I called them perma-bears and their meat will be tasty yet again.

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