billion. Back to you Becky,” reported Rick. I am sure at direction of the producers – Becky quickly moved on to the next story.
That was it. No reaction from the trading pits. No economist droning on and on. Why not show the traders jumping up and down? Why no droning? Simple – the story wasn’t U.S. Stock Market positive. Even worse it was U.S. Dollar bearish. They should have had a webcam on me to capture my big smile. I was smiling, because I knew this report would create a positive back drop for gold to follow-through on last week’s move through $670/oz.
Of course, our CNBC crew knew this as well. However, to applaud Gold is to celebrate inflation or a weak dollar. One day the masses will wake up and realize that – although Gold thrives in those environments supply and demand trumps all. Take a gander at a recent quote from Don Coxe, Chairman and Chief Strategist of Harris Investment Management,
“And the reason comes down to simply this: the kind of observations we had in traveling through rural India and seeing these peasants and the women carried their wealth on their arms, their dowry. And as more and more of them become wealthy, India, which is already the largest gold consumer, and China which is moving into number two, what you’re going to have is putting their wealth in a way they can understand.” Just like any other