Falling Gold -- Watch Out Below
Posted: Mon Jun 03, 2013 10:05 amThe following words are the wisdom? of Nouriel Roubini:
Gold is likely to fall below $1,000 an ounce, nearly half the level it reached at its peak in 2011 according to Nouriel Roubini, the founder of Roubini Global Economics. And the man credited for calling the financial crisis believes one of the key factors that will drive prices lower is "extreme political conservatives, especially in the United States"
Writing in an op-ed published by Project Syndicate, Roubini said the hyping of gold by political conservatives had become counterproductive.
"For this far-right fringe, gold is the only hedge against the risk posed by the government's conspiracy to expropriate private wealth," he said.
(Watch Now: Roubini Warns of Possible Crash)
"These fanatics also believe that a return to the gold standard is inevitable as hyperinflation ensues from central banks' "debasement" of paper money. But, given the absence of any conspiracy, falling inflation, and the inability to use gold as a currency, such arguments cannot be sustained," he added.
More here: http://finance.yahoo.com/news/roubini-e ... 41269.html
It seems the times never change. I will always be part of a "vast right-wing conspiracy." The perpetrators of crimes must always divert attention from their actions and find a scapegoat.
Gold is likely to fall below $1,000 an ounce, nearly half the level it reached at its peak in 2011 according to Nouriel Roubini, the founder of Roubini Global Economics. And the man credited for calling the financial crisis believes one of the key factors that will drive prices lower is "extreme political conservatives, especially in the United States"
Writing in an op-ed published by Project Syndicate, Roubini said the hyping of gold by political conservatives had become counterproductive.
"For this far-right fringe, gold is the only hedge against the risk posed by the government's conspiracy to expropriate private wealth," he said.
(Watch Now: Roubini Warns of Possible Crash)
"These fanatics also believe that a return to the gold standard is inevitable as hyperinflation ensues from central banks' "debasement" of paper money. But, given the absence of any conspiracy, falling inflation, and the inability to use gold as a currency, such arguments cannot be sustained," he added.
More here: http://finance.yahoo.com/news/roubini-e ... 41269.html
It seems the times never change. I will always be part of a "vast right-wing conspiracy." The perpetrators of crimes must always divert attention from their actions and find a scapegoat.