Tuesday, April 16, 2013

Business Insider: "Ron Paul Probably Still Above Water"

Need a chuckle?

Wander over to Business Insider and read up on their calculations of how much Ron Paul is "losing" because of the recent pullback in gold. BI writes (my highlight):
A few weeks ago, we figured out what was happening to the Ron Paul portfolio — the former Texas congressman's 64% investment in gold and other rocks — and it wasn't pretty.

His portfolio is comprised of major miners and a handful of juniors, and displays a marked lack of diversification.

We looked at Ron Paul's most-recently disclosed portfolio. Granted, he may have picked up the stocks at any point in the past several years, so he's probably still above water on the investments.
BI goes on:
 It's also conceivable that since he's left public life he's pared back a lot on his holdings.
For the record, Ron Paul first served as a member of Congress in 1976. He has stated that the reason he initially ran for Congress was because of the government policies that he feared were destroying the dollar. So it is not a large jump to conclude that Dr. Paul was buying gold and gold stocks back then.

What was the price of gold in 1976? At it's peak that year it was $137.65. So yeah, he is probably "still above water" on his gold investments, given that even after the recent pullback gold is at aprox. $1,350.

As for BI speculating that Dr. Paul may have "pared back a lot on his [gold] holdings," since leaving public life, it just indicates they have no clue as to Dr. Paul's beliefs and understanding about gold. And they have no clue as to the destructive monetary policy that the Fed is currently undertaking.

No comments:

Post a Comment