Tuesday, May 21, 2013

Krugman Takes Credit for Forecasting a "Dead Ingot Bounce"

 Paul Krugman writes:
A couple of weeks ago I mentioned that I had been getting some grief from goldbugs, who were reveling in the fact that gold went up some after I wrote about its fading appeal. I expressed skepticism — as you always should after any short-term price movement, especially in an asset with as much emotional freight as gold — and suggested that it might be a dead ingot bounce. Hmmm:

Yes, I know gold had a huge rise in previous years. I also know that there may be more bounces ahead. But mostly I just want to claim the phrase …
Well if this is some kind of a game to first come up with phrases about gold, while alluding to cats, let me the first to say we may have just experienced a dead ingot bounce....but gold has at least nine lives, and that's my forecast. Charts to follow in the months and  years ahead.

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