http://www.zerohedge.com/article/gold-currency-first-resort
Gold: The Currency Of First ResortSubmitted by Tyler Durden on 06/17/2010 13:01 -0500
Aurophobia is defined by Webster's dictionary as an abnormal fear of everything gold; but it might be more aptly defined as 'the pathological and almost hysterical fear of owning gold, as espoused by the mainstream media'. The mainstream financial media seem to be falling prey to this malaise at an alarming rate. With gold rising seemingly in perpetuity not only in dollar terms but in a plethora of free-floating paper currencies, the antagonists are out in full force, their fear and loathing of gold for all to see. Gold seems to engender all manner of emotions, and there appears to be no middle ground. The mere mention of the word can induce comments more on a par with those of Marmite. People either 'love it or hate it', as the advert for the nation's most divisive breakfast spread chimes. Indeed the skew of hate from most media gets more pronounced at every new high. Indeed, every interim peak in gold's price over the last few years has been accompanied by a cacophony of voices proclaiming it to be overvalued. The inevitable retreats that have followed have been short-lived, briefly silencing the critics. However much to these critics’ consternation gold keeps making new highs, and with it their strident chorus of disbelief echoes out even more fervently. - Hinde Capital
Hinde Capital June 2010
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