We’re very bullish on gold, which is the anti–paper money, of course, and is underowned by investors around the world. – Paul Singer, Elliot Management Corp
I keep Fox Business channel on because it has the best tv “ticker scroll” for monitoring basic market activities. Also, some of the women on the show are easy on the eyes. Liz Claman is not one of those.
I came in from getting lunch and saw this tag-line on Claman’s afternoon show: “Gold Losing Glitter.” I turned up the volume to hear her explaining to the idiots who might actually listen to the garbage broadcast on the show that gold was getting hit today because investors no longer felt a need to use gold as a hedge against the BREXIT vote now that the polls show that BREXIT is currently out of favor with the chippies in England.
Considering that gold is up about 20% since mid-December, vs. 1.9% for the S&P 500, it’s safe to assume the reasons that gold is being accumulated stretch a lot further and deeper than Claman’s idiotic explanation.
In fact, Prime Minister Cameron announced a referendum date for a vote on the issue of whether England shall remain in the EU, or not, on February 22 this year. Only 5% of gold’s 20% price appreciation since it bottomed in December has occurred since that date.
I dare say it’s a bit pre-mature to announce that gold is losing its glitter, especially in connection with the British EU referendum. The truth is that gold is being accumulated by smart money as a hedge against the idiocy of fiat currency-based monetary systems controlled by corrupt Government’s and Central Banks. It’s as simple as this:
Paper money eventually returns to its intrinsic value: zero. – Voltaire