January 3, 2008
What About Gold?
Oil hits $100 a barrel, and that's all the media can talk about. ONE story a day with bad news in it, that's the limit. Mr. Newscast Producer said, "Don't mess with the shoppers." (Well, he may not actually have said it for publication…but he would have said it…if he'd been in a mood to be honest that day.)
(And don't get me started about how the new nominal high over $850 is nowhere near where gold should be on an inflation adjusted basis. Even the dopey calculator at www.bls.gov says an $850 price back in 1980 should be over $2000 today. Chevrolets were $7000 in 1980.)
This could be a pretty interesting year for commodity-like things. But don't tell Big Media. They'd only ignore it anyway. "Hey, look at that bikini over there…"
Filed under Commodities, Gold and Monetary Metals, Oil by Financial Foghorn
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