Bill Holter joined us today after writing his MilesFranklin column. In it he explores the Cash-For-Gold craze that has been sweeping the ever poorer Western World. In Greece, Spain and other countries, people are lining up to sell the family jewels. In the US, the justification has been that gold is at record highs and has nowhere to go but down. This is a type of fear/greed argument that one often finds on Wall Street. If you don’t buy this worthless stock now, you’ll miss out on huge profits and if you don’t sell that worthless piece of paper, it’s going to crash tomorrow. Invariably the mark, oops we mean client, will make the worst decision possible. And so it goes with those looking to sell their gold for cash, you too can sell your gold for $800 per ounce and they’ll gladly take every grain you have.
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