“Gold sets record high amid economic fears,” The Associated Press recently wrote. “Gold surges to record high,” CNN said. Gold closed Monday “at a record $1,402.80 per troy ounce,” the front page of The Wall Street Journal reported on Tuesday.
It’s a good story. Unfortunately, it’s not true, at least not in any meaningful sense…”
See the whole aritlce: The enduring myth of Gold
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Cory’s Chart Corner
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I'm not sure about what gold will or won't do, but the following paragraph from the article makes it hard to take the author seriously……………”In this situation, the Fed should absolutely be trying to lift economic growth and employment by reducing the cost of borrowing money. Its mistake, in fact, was waiting so long to do so, even after the recovery began losing momentum in the spring. That the Fed’s move is also likely to bring down the dollar — lowering the cost of American exports, raising the cost of imports into this country and thus reducing some of the world’s trade imbalances — is an added benefit.”…………………………..silly me, thinking that cheap money was the source of all the blown bubbles and mess we have…………
Gonzalo Lira And The Boiling Frog: Effects Of QE2 On The Bottom 80% Of The U.S. Population
http://www.zerohedge.com/article/gonzalo-lira-and-boiling-frog-effects-qe2-bottom-80-us-population