by Bill Holter, Miles Franklin:
Gold is down more than 25% so far this year. The gold bashers are jumping for joy after 11 years of being silenced. Along the way we heard all sorts of slurs from many different angles. At first in the early 2000s we would hear chuckles and laughs or see people roll their eyes. Many who bought gold back at that prescient time wouldn’t even talk about what they had done because they didn’t want people to think that they were “nuts.” “Nuts” as in conspiracy nuts, contrary nuts, or just plain nuts. Then as the internet bubble and equity markets burst, “gold” was called just a flash in the pan and once the stock market got back to “normal” gold would then go back into its bear cage.
As we got into 2003 and ’04 it got a little more serious. I can still remember the debate as to which would reach $500 first, Google or gold? (gold won by a bigger margin than Secretariat could ever have dreamed of).
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