Business Insider is owned and operated by a Yalie, Henry Blodgett.
Given BI's stance on gold, it is not surprising to learn that Blodgett is a Yale grad. Yale is one of the last bastions of anti-gold thinking.
Since Blodgett missed the gold run that started in 2000, it is instructive to know what he did do with his money: In early 2000, just days before the dot-com bubble burst, Blodget personally invested $700,000 in tech stocks, only to lose most of it in the years that followed. Now, his first lieutenant at BI, Joe Wiesenthal, is out with a hit piece on gold.
The hit piece is titled: 9 Ways That Gold Is A Religion Masquerading As An Asset Class
The piece is the greatest collection of non sequiturs, I have ever seen. There is not one statement anywhere in the article/slideshow that could be remotely deemed a proper argument. Amazing.
I'm thinking Joe put this piece together after tequila fueled inspiration.
That was really strange. I was looking for at least a good argument.
ReplyDeleteCold is nothing more then a currency of currencies. While it can't be used at my corner grocer (yet), it can be sold to get a portion of dollars that can be used at my grocer. If gold is way over priced then it would imply that the underlying currency is undervalued. That should be the argument that the anti-gold crowd should be focusing on. Of course, we all know they would never make such an argument for fear of appearing stupid.
So long as there are people that think like this the bull is intact.......
ReplyDeleteFrom Joe's profile on BI:
ReplyDeleteDisclosure: Joe's investments include various index funds, gold as well as individual positions in Apple, American Apparel, BP, Google, Johnson & Johnson, Kyocera, Nokia, Sanofi Steelcase, Posco, Omnivision, Berkshire Hathaway (a B share!), Smith & Wesson and AIG.