Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 1% and 2% on the Week
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 11 17 2017
By: Ira Epstein

Next-Generation Crazy: The Fed Plans For The Coming Recession
By: John Rubino

COT Gold, Silver and US Dollar Index Report - November 17, 2017
By: GoldSeek.com

Gold Miners’ Q3’17 Fundamentals
By: Adam Hamilton, CPA

Bonfire of the Absurdities
By: John Mauldin

The Social Security Inflation Lag Calendar - Partial Indexing Part 1
By: Daniel R. Amerman, CFA

Rob From The Middle Class Economics
By: Gary Christenson

GoldSeek Radio Nugget: John Williams and Chris Waltzek
By: radio.GoldSeek.com

The Metals Market Is A Mess And Will Likely Continue To Frustrate You
By: Avi Gilburt

 
Search

GoldSeek Web

 
Pet Rock Revisited


 -- Published: Tuesday, 11 July 2017 | Print  | Disqus 

By Craig Hemke

It was almost precisely two years ago that the WSJ published their infamous "gold is a pet rock" article. Just as that article and a few others marked the conclusion of the bear market, could a new article published ten days ago in the Washington Post be ringing the same bell?

Here's a link to the original article...though the WSJ now has it behind its paywall: https://blogs.wsj.com/moneybeat/2015/07/17/lets-be-honest-about-gold-its-a-pet-rock/

And of course, here's the wonderful cartoon that accompanied the piece:

Astute observers will also recall the "pet rock" article was published on Friday, July 17. Two days later, on Sunday July 19, CDG was raided and smashed for almost $60 in a "flash crash" similar to what we've seen lately in both metals. Here's what we wrote at the time. Does this sound familiar given what we've seen over the past two weeks? https://www.tfmetalsreport.com/blog/7036/gold-raid-july-19

And so now here we are again today. Someone named James Ledbetter has written a book called "One Nation Under Gold", a title which, at first glance, seems to hold some promise. Instead, Mr. Ledbetter runs off to a Keynesian wonderland where gold is a shackle from which mankind must be freed. The reviewer of the book, Simon Johnson (the former chief economist of the IMF!), goes on to wax philosophic about the dangers of "the gold lobby" (did you know there was one?) and he fears that "quasi-goldbugs have a more complete grip on power than at any time since 1932". Seriously. I'm not making this up. You can read it for yourself here: https://www.washingtonpost.com/opinions/the-long--and-dangerous--american-path-paved-in-gold/2017/06/29/3e8ef04a-5055-11e7-be25-3a519335381c_story.html?utm_term=.e8dee77169d5

The only true logic and knowledge in the article is found in the comments section where both our friend John Butler and GoldMoney CEO Roy Sebag chime in with some reasoned and informative additions. Be sure to scroll to the bottom in order to read these insightful comments.

Of course, whether or not the price of gold is at another low remains to be seen. Perhaps this latest laughable attempt at fiat currency justification is nothing more than that...paper propaganda. However, as you can see on the chart below, the timing or the article and the most recent flash crashes is certainly an interesting coincidence. (Another interesting coincidence is the current Commitment of Traders structure. More on that later this week.)

TF

www.tfmetalsreport.com/subscribe

 


| Digg This Article
 -- Published: Tuesday, 11 July 2017 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2017



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer

The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, is strictly prohibited. In no event shall GoldSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.