Tuesday, March 13, 2012
Look at gold tank. Isn't it beautiful!!
Gold is tanking and the dollar is rallying sharply following the Fed meeting. This comes even though the Fed said it would continue its asset purchases and keep rates low for an extended period of time.
All the "debt-doomsday" people and "Fed debasing the dollar/causing inflation blah, blah, blah" people are wrong. Totally wrong.
Best of all is gold, which is getting crushed. This comes mainly on the news that JP Morgan is raising its dividend. Companes raising dividends (financial companies, to boot!), what's the reason for owning gold? There is none. Gold is a non-investment.
Next stop...$1200. Don't worry gold bugs, maybe it will stop there. If you're lucky. ;)