So many historical things are happening this week that gold's historical move yesterday was not given proper attention. This monster one-day 11% rise in GLD, the gold ETF, on 5 times the average daily volume speaks to the pure panic gripping the financial markets right now.On a very much related note, this is Barney Frank sharing a conversation he'd apparently just had with Ben Bernanke:
“I asked the chairman if he had $85 billion to bestow in this way. He said ‘I have $800 billion.’ ”
“No one in a democracy unelected should have $800 billion to dispense as he sees fit,” Mr. Frank said. (New York Times Online 09/18/2008)
This boast by Bernanke makes me (and apparently all those gold buyers) a little nervous.
1 comment:
Good lord, that comment is concerning. I agree that the Gold did not get the attention that it deserved but I'm sure we can all agree the at the media's eye was definetely focused the 'financial market crisis'.
Great Blog. It is much enjoyed.
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