Phil, I know you read a lot so I suppose you've read this piece by Bill Fleckenstein.
moneycentral.msn.com
After scorning a portfolio manager who suggested, at the top of the bull market, that everything was rosy, he refers to another guru, Jim Grant, who scorns Greenspan's notion of inflation and deflation. Fact is, there has been "excessive" money creation in the US for the past 20 years, at least, and exceedingly little of the inflation which should have accompanied this money creation has actually been seen. IMO, the reasons are that (a) foreigners have been ready buyers for the US debt, (b) much of the money has been spent outside the US.
Talking about the market and gold/shares, and using weasel words so that I'm not pinned down to what I say, it looks like the gold share indices may be getting ready for a rebound.
stockcharts.com[l,a]dalaynay[de][pd50,2][ilb14!la12,26,9]
stockcharts.com[l,a]dalaynay[de][pd50,2][ilb14!la12,26,9]
BTW, I still can't post more than 20 lines. |
