“I hate journalists. There is nothing in them but tittering, jeering emptiness. They have all made what Dante calls the Great Refusal. The shallowest people on the ridge of the earth.”
- William Butler Yeats.
For a pink paper, one might have thought that the Financial Times would have greater affinity with a yellow metal, but no – its long, tiresome antipathy towards gold staggers on. (If and when the FT ever turns positive on gold, we will know that the high is close at hand.) The latest manifestation of its auric antagonism is James Mackintosh’s ‘Short View’ of 14th October, in which he
“compares gold’s climb to other market bubbles”..
Note that reference to “other.. bubbles” as if gold’s steady appreciation – merely the flip side of a fast devaluing dollar – was a case-closed proven example of what the OED refers to as “anything fragile, unsubstantial, empty or worthless.. often applied to delusive commercial or financial schemes.” That sounds a lot more like the global fiat monetary system or like fractional reserve banking than this innocent metal that has outlived every paper currency as a store of value for the past few thousand years. But then the reality is that there are still plenty of people who simply don’t get it – which is another reason to think that the “bubble” in gold (and silver) still has plenty of scope for further, erm, inflation.
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