CNBC is always good for a laugh or two. Yesterday was no exception. The article, “Gold’s Record Surge – A Rejection of Capitalism?” states that the purchase of gold “means an almost nihilistic rejection of our global market system.” A system of intervention, bailouts, the Federal Reserve purchase of Treasuries, and the devaluation of money is referred to as “capitalism.” Another sterling quote from the article:
“Gold has no valuation, no metrics, no commercial use,” said veteran commodities trader Dan Dicker. “It’s the world’s most respected ponzi scheme.”
As a friend of mine said to me, “I love this kind of muddleheaded analysis regarding gold. As long as it confuses a large swath of the public, it allows me to accumulate more gold at what I consider to be reasonable prices.”
