Tuesday, March 6, 2012
How's that gold lookin' now?
Last week just before the ECB conducted its LTRO 2, every pundit around was touting gold as protection against "rampant money printing."
We MMTers knew better. Central bank monetary operations are not inflationary. They're not the same as fiscal operations. They don't create NFA.
So, where's gold now?
It's down over $100 since that LTRO 2. And that's with Iran concerns and everything else.