goldbugs

though Rasmussen did find that 57 percent of likely voters agreed with the gold standard after they were asked this follow-up question: “Many say that adopting the gold standard would dramatically reduce the power of central bankers and political leaders to steer the economy. If you knew that returning to the gold standard really would reduce the power of central bankers and political leaders to steer the economy, would you favor or oppose returning to the gold standard?” However, framing the question like that is hardly a neutral wording of the question.
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Faber: GoldBugs … e scarafaggi dell’azionario

da Argento Fisico

Che ghigne quest’uomo

… dice che tutti dovrebbero avere un minimo di esposizione in oro, lui ne ha aggiunto ancora recentemente, anche miners che sono incredibilmente a buon mercato rispetto a degli stocks inflazionati (pare che lui abbia un 25% di tutte le sue risorse in oro e miners oro)



The CNBC anchor is perturbed as the market is selling gold and buying stocks; to which Faber rebuffs; investors are shunning gold “because the media doesn’t like gold, nobody at CNBC owns gold. Nobody at Bloomberg owns gold. Gold is being constantly talked down by the media, and Fed officials, and economists, who also don’t own any gold. They’re all stocked up in equities.”

“When people talk about people who are optimistic about gold, they call them ‘gold bugs.’ A bug is an insect. I don’t call equity bulls ‘cockroaches.’ Do you understand? There is already a negative connotation with the expression of ‘gold bug.’

la conduttrice sembra turbata dalle affermazioni di Faber visto che il mercato vende(va) oro e comprava stocks al che Marc sbuffa e dice che “gli investitori schifano l’oro perchè i media non amano l’oro, nessuno alla CNBC ha oro (o non lo dice, Er), nessuno a Bloomberg ha oro. L’oro è costantemente smerdato e sfanculato (no, non dice così, sono io che mi allargo nella traduzione. Er) dai media, dai rappresentanti della Fed, dagli economisti.. e nessuno di loro ha oro, sono tutti a spingersi l’un l’altro per comprare azioni”quando si sente di uno che è ottimista sull’oro lo si bolla subito come goldbug … un bug è un insetto. Io non mi metto a chiamare scarafaggi quelli che comprano azioni. Capisce che voglio dire? Già a partire dal termine c’è una connotazione negativa se si parla di Gold Bugs”


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Rischio Calcolato

Gold remains, in Keynes’ (CW VI, p. 259) phrase, an important “part of the apparatus of conservatism,” and in more senses than one. Attend a conference of goldbugs and you are likely to be surrounded by the most fervent denizens of the far right, who love not only the austerity that gold symbolizes, but also the fact that it’s a non-state form of money. In a tremendous reversal of 19th century populist ideology, which was feverishly anti-gold, many of today’s right populists are very pro-gold, as the only antidote to the parasitical rule of Washington and Wall Street. A cultural bonus to right-wing goldbugs was the large presence of South Africa in the industry and of South Africans at their conferences; many, though certainly not all, aurophiles were admirers of apartheid. Ironically, many leftish South Africans now root for monetary disorder in the North, which would result in heavy demand for gold, allowing the country to play the role of a “prosperous undertaker at a funeral.” Though South African mines are getting pretty tapped out, the six largest South African firms controlled over a quarter of world gold production in 1993, with the huge Anglo-American combine alone responsible for over 18%. Canada, with 8%, and the U.S., with 7%, were a distant second and third (Tegen 1994).

Gold’s actual performance is a source of constant frustration to goldbugs. The metal’s main charm is that it retains its purchasing power over time; should inflation soar or the banking system implode, gold will not vanish like a paper claim. But its drawbacks are plentiful, and good reasons why all societies have gravitated to state-sponsored money. Gold pays no interest, is bulky, requires assay, and must be stored. It is heavy and physical in a world that tends towards ever more immateriality. Something that normally does no better than shadow the general price level is no fun, though goldbugs are always imagining some disaster — hyperinflation, the collapse of the state, climatic catastrophe — that will bring their beloved metal back to life.

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I suppose I’ll be listening to more of her today. It’s pretty simple and 80’s, but I’m finding it pretty fun.