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Look out, old mate Barry Ritholtz has launched another tirade against Gold and Gold Bugs. His Bloomberg article discusses why Gold did not perform well "during Armageddon" as he described a 2% swing in the (US) stock market...
"This was the week Greece inched closest to chaos, as a bank holiday and a technical default caused markets around the world to erupt in turmoil. They recovered somewhat Tuesday, and futures looked stronger Wednesday morning, but on Monday, the NASDAQ Composite Index lost 2.4 percent, the Standard & Poor's 500 Index lost 2.09 percent and the Dow Jones Industrial Average fell 1.95 percent. Volatility exploded, as the Chicago Board Options Exchange Volatility Index surged 35 percent, its biggest increase in two years, to 18.85.
One would imagine that such a scenario might be constructive for gold. It has been called the best measure of fear, the only real currency, a refuge for those who plan for panic. So how is it doing these days? Spot prices were soft on Monday, despite the wild volatility in equities, drifting down a few bucks from about $1,180 an ounce to about $1,176. They fell a few dollars more yesterday, and are soft Wednesday.
I thought gold was an investor's best friend during Armageddon."
Here is the move in the S&P 500.
Even the 35% surge in the VIX is tame compared with recent spikes.
But what relevance is the US stock market to the citizens of Greece, ground zero of the current standoff between the Greek government and the rest of the Eurogroup (the chaos Ritholtz refers to)?... Read More
I once had an argument with the manager at mcdonals because the cheese burger they gave me in my happy meal was cold, I tell you it was armageddon
Only you have your best financial interest at heart, be your own guru