Views on commodities and energy
Commodities Roundup: Gold bugs party alone
Dec gold settles up $6.50 at $8885.0 an ounce.
The ‘gold bugs’ are feeling vindicated by the markets in the past weeks. Gold Anti-Trust Action Committee’s Bill Murphy predicted this week that the Treasury-led bailout plan give a “staggering” boost to gold because it would feed inflation and hurt confidence in U.S. markets, Frank Tang reports.
Gold’s rise above $1,000 an ounce in March was an “I told you so” moment for GATA, Tang writes, noting that that conventional investors view GATA as a conspiracy-theory group, with very little evidence to back up its claim that governments, central banks and commercial banks have colluded to keep the price of gold weak.
(Pictured: Lam Sai Wing, chairman of Hang Fung Gold Technology Group, poses in a washroom decorated with gold and jewellery in his jewellery shop in Hong Kong in this April 24, 2006 file photo. Lam died after a sudden sickness in his home on September 25, 2008 at the age of 53, his company announced on late September 26, 2008. REUTERS/Paul Yeung/Files)