Hi Joel, <<anyone seen A/c lately?>> Nope, but perhaps he is contemplating gold like I am, but more silently, whereas Maurice is refusing to, even as Pezz is starting to.
Talks like these encourage me to continue on path of light:
cbs.marketwatch.com
QUOTE
I asked Brock whether gold will benefit from the growing belief that the U.S. stock market is rigged to benefit insiders ... or ... accelerated inflation, deflation or other fiscal turmoil that is right around the bend.
His answer may infuriate some gold believers and hearten others.
"Gold has periods of euphoria for its believers. But they are the worst at forecasting models," he says. "There is model uncertainty. People cannot tell you the model for pricing gold."
While the prospects of inflation, a weaker dollar, consolidating mine supply, war fears and jewelry sales all go into the equation, all of those and a dozen other factors won't get you to a gold pricing model that anyone is willing to bet their capital on, he says.
"If I knew the news, I couldn't price gold. If it goes up, as it has been, sure, I could jump on board -- because I don't have a model for what it should do. It could rise another $100," he said. Gold's spot price Thursday morning was rising $3 to $324.20. The rebounding euro, closing in on the 95 cents level, was last up 0.6 percent to 0.9448 against the dollar.
If Woody Brock is right, and Americans start to lose confidence in their investments -- or in their ability to dance away their retirements -- we're all in trouble, be we gold bugs or stock market believers.
UNQUOTE
Chugs, Jay |
