Saturday, April 22, 2006

Hoorah for David Ranson

This President of H.C. Wainwright & Co., an investment advisory service that appears to follow the typical pattern of trying to predict the future in various markets (an endeavor that I find pretty useless at best and misleading at worst), has said something extraordinary, given the nature of his business, in a letter he wrote to the the Financial Times.

He says:


"The dollar is a variable, while gold is the next best thing to a constant. Commodities form merely the vanguard of a general break-out in the prices of everything."

Touche.


[Thanks to forin.it/Getty images for the picture.]

"... if the markets value the dollar less, the price of gold must rise in nominal terms regardless of these 'real' considerations [gold supply and demand.] It all makes much more sense if it is the currency that is changing and not the metal."

Touche.

"Why should there be [anxiety about the dollar], since other currencies have been losing their gold values even faster than the dollar? It is paper money that is going down the tube, and on a worldwide basis."

Bravo, bravo, bravo, Mr. Ranson.

Now tell me: What's a smart fellow like you doing in a place like that? (Just kidding -- remember, I spelled your names right.)

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