Photo: rheeks via flickr
Actually, it wasn’t an internet CEO who made the insane “It’s Different This Time” argument, it was Peter Munk, the head of gold miner Barrick Gold, talking about how traditional notions of supply and demand should be thrown out the window.Via the Things That Make You Go Hmmm… newsletter, here’s the quote:
Gold today is no longer related to the normal economic cycle of supply and demand, jewelry, Indian wedding seasons, rain in the Middle East. All those things are passé, forget about them. Gold is driven today by one overriding and I am afraid, at least in my opinion, an ir- resistible and irreversible trend. A fundamental, global and growing insecurity… A fundamental, global and growing lack of confidence of the world in everything they were brought up to believe. Institutions, insurance companies, banks, issuers of mortgages, ratings agencies, equities, sovereign debt, Federal Reserve Banks. Portugal and Iceland. Greece and Spain. Currencies. What is left? What is left?
Famous last words.
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