Howe Street Interview and Gold Heads Higher Again

Here’s my latest interview with HoweStreet.com: http://tinyurl.com/dmmx3o. As usual, Phil and I have a lot of fun.

Here’s a grim analysis of the problems we face:  “By now, it’s clear to everyone that we have inherited an economic crisis as deep and dire as any since the days of the Great Depression.”

That’s not me saying that, and it’s not Martin. It’s President Barrack Obama in a Washington Post editorial.

Did you see the other news this morning? US initial unemployment claims jumped to a 26-Year high. Meanwhile, the chattering classes obsess over what taxes Tom Daschle did or didn’t pay.  I guess you can’t blame media babblers like Dowd — they are idiots, they’re paid to distract us from the real problems facing America, and Barack Obama set the standards for his administration extremely high.  In other words, he basically handing the media a bunch of easy targets.  But unless we focus on the problems at hand, they are going to spiral out of control.

I shouldn’t complain too much. Gold refuses to go lower, instead finding support at $900 and using that to go higher.

Traders are laying the credit for gold’s rise today on a rate cut by the Bank of England and a hold on rates by the European Central Bank.  Both moves are seen as supportive of inflation.  No one in the mainstream media wants to address the OTHER big reason gold is doing well:  There is a very real risk that global financial markets are going to spiral out of control, and worried investors are pouring their money into gold, the reliable safe haven.

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