Rick Ackerman: This is no time to give up on gold

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By Rick Ackerman
Sunday, January 10, 2021

With gold's gratuitous 4% plunge on Friday, bullion has once again affirmed its reputation as one of the nastiest, most frustrating assets an investor can own.

Its chief enemy is a global network of shamans, thimble-riggers, and feather merchants who make their living borrowing bullion from the central banks for practically nothing, then lending it to everyone else for slightly more. They are always looking for excuses to pound quotes so that they can replace what they've borrowed at a lower price.

... Dispatch continues below ...


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Helpful to this goal is a story that, however ridiculous, spooks gold bugs into dumping their holdings. The current story is that the Democrats will somehow be bad for bullion, although no one can say exactly why.

To believe such claptrap is to implicitly believe that when Kamala Harris takes over for the mentally failing Joe Biden, she will impose rigorous constraints on spending that will strengthen the dollar. Yeah, sure. ...

... For the remainder of the analysis:

https://www.rickackerman.com/2021/01/this-is-no-time-to-give-up-on-gold/

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