Here's Karl today: http://market-ticker.denninger.net/archives/1669-A-Sober-Reminder-On-Bla...
There are far too many people who have become far too complacent over the last six months. Such as goldbugs claiming "buy now or be priced out forever" at $1195 - who are missing $30 per ounce of their money in a matter of literal hours as margin calls fly around the world. I will repeat what I have said since the breakout at 1060 on the gold futures - there is no safe place to buy during a parabolic move. Yes, today, we stand having lost "only" the last three days of gains. So far. Better think about how you're going to hedge off the next $300 of downside move - if it comes. No, that's not a prediction - but the last two days are a warning that it both can and might
His gold topics are always framed. He doesn't say if gold drops $300 if its a good place to pick it up again. Of course if something moves up a lot its going to correct, but he just uses it as gold bashing as if everyone is just gambling.
Thus putting fear out there on anyone trying to protect themselves with gold mid to long term.
Nor does he admit that he has been VERY wrong about gold thus far and offers no apology.
Jim answers back: http://jsmineset.com/2009/11/27/the-essence-of-dubais-request-for-debt-p...
4. Will this event cause other developing market country debt to default in a domino effect? In terms of gold this event is further proof that paper and promises are NOT the stuff money is made of anymore. Those that will come out of the woodwork to call a top in the gold price have little experience in what a top looks like in gold. Let me assure you the action of today contained zero evidence of a top.
You decide.
