CPM’s Jeff Christian Attempts to Explain Friday’s $60 Pop in Gold, Says ‘$1,140 Gold is Likely’

The BNN invited the CPM Group’s Jeffrey Christian yesterday to attempt to explain last Friday’s $60 move UP in gold- which Christian states the violent move was due to standing buy orders rather than short covering.

When asked what is the biggest risk to being long gold now (likely the biggest soft-ball question the shill has ever been lobbed), Christian responds:
‘That the price of gold may fall. We’ve seen the gold price bounce of $1530 three times now. If the $1530 level is breached, perhaps during the period of June, July, August, you will see a cascade of sell orders come in, targeting $1140.’ [Read more...]

WSJ Takes Gold Bashing to Unseen Heights- Calls Gold ‘TOXIC’

Apparently Jon Nadler changed his name to Jack Hough over the weekend.
We’re placing this one directly into the Hall of Shame.
The WSJ has elevated its gold bashing rhetoric to new unseen heights.  We must be closer to collapse that even we believed.

Quotes from the MOPE piece bashing gold:

  • Gold defies efforts to calculate its worth—or even to describe how it behaves as an investment. That means there isn’t a clear reason to invest in it.

  • If you must own some gold to sleep better, stick with a multivitamin approach: A little bit won’t hurt. A lot can prove toxic.

  • Gold lost money for 20 years

  • Treasury bonds are the real safe haven

  • Gold suffers from a multiple personality disorder

  • How much is gold really worth? Gold doesn’t generate any cash, it costs something to store it!

  • For investors who have to have some gold exposure, forget Krugerrands, buy your wife some expensive jewelry [Read more...]

Berkshire’s Charlie Munger: ‘Gold is for 1930′s Jews, Civilized People Don’t Buy Gold’

Somewhere, Warren Buffett’s father Howard Buffett, the 4-term Congressman from Nebraska who was a strong proponent of gold and silver as constitutional money, is rolling in his grave.
Charlie Munger, the Vice Chairman for his son Warren’s Berkshire Hathaway, delivered this beaut today in an interview with CNBC regarding his thoughts on gold:
I think gold is a great thing to sew onto your garments if your a Jewish family in Vienna in 1939 but I think CIVILIZED people don’t buy gold

Forget the traditional ‘barbaric relic’ and ‘you can’t eat gold’ bashing, the anti-gold rhetoric has now reached its moral nadir.

Munger’s CNBC interview below:
[Read more...]

Paul Krugman Says Quantitative Easing is Austerity

And now we have seen it all.
After being embarrassed earlier in the week in his live debate with Ron Paul, Paul Krugman has gone a step further and fallen off the deep end.
In an interview with CNN Money, Krugman argues that Bernanke and his friends at the Fed have not been goosing the economy with funny money STIMULUS also known as quantitative easing…they have been conducting AUSTERITY.
It’s a funny thing, what we’ve actually done is not stimulus, but austerity..The heart of it is that we really need to reverse this misguided austerity of the past couple of years

Krugman actually lets the D word slip during the interview, and argues that the US needs to reverse austerity measures and massively stimulate the economy to pull it out of depression.  But…but…Paul!  Timmah has already welcomed us to the recovery!!

Somewhere, Thomas Jefferson and Andrew Jackson are nearing 9,000 RPM’s in their graves.  Full idiocy below: [Read more...]

Barron’s Releases Massive Silver Propaganda Hit Piece

Barron’s, the financial magazine infamous among gold bugs for its incessant bashing of the metal, has changed tactics, and decided to release an all-out hit piece on silver, which is by far the most intentionally misleading article propaganda on silver we have ever seen.

The piece contains phrases such as ‘silver bites people, it’s nasty,don’t be seduced into thinking that silver is about to shine again anytime soon,Silver’s charms are fading–and so are chances of a quick silver comeback‘, and comes with a headline intended to keep the Average Joe away:Beware: Silver Can Bite!
Lest investors remain unsure of Barron’s bias, they are informed that ‘signs abound that silver’s best days are behind it‘, and then fed a bevy of misleading data intending to steer investors clear of silver.

Frankly, this is a bullish sign, as it reeks of desperation among the banksters and elite.
Got silver!?! [Read more...]

MSM Epic Fail: Restaurant Owner Gladly Accepts Gold for 3 Lobster Rolls

MSM attempts to demonstrate that gold is not a currency, hilarity ensues.

ReutersTV blogger Felix Salmon set out to duplicate Mark Dice’s famous video attempting to purchase a taco with an ounce of gold- with the intention of ‘proving’ that gold is not a currency.

After successfully being turned down by a beer delivery guy (since when do beer delivery guys sell a 24 pack to a stranger who walks up while they’re unloading their truck??), Walgreens, and ToysRUs, the experiment suddenly goes horribly wrong at a local food vendor, when the owner gladly accepts the gram of gold as payment for 3 lobster rolls.

Reuters pretends the embarrassment never occurred, titling the vid: Will a gold bar buy a case of beer?
[Read more...]