Friday, March 21, 2008

(Another aside)

I loved this line in the Economist:
As a result, Mr Reade, who reckons that the fundamentals justify a gold price of only $700-750 an ounce, has “thrown in the towel” and now expects bullion to reach $1,025 within a month and $1,075 within three.
The fundamentals? I would love to see any discounted cash flow for gold, an inert, industrially useless metal, whose only savings graces are 1) Bernanke cannot make more of it, 2) neither can anyone else, 3) people have agreed it's money for ten billions years.

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