I know, it's kind of creepy at first blush, isn't it? Do Bankers blush? Do their algos dream of electronic sheep?
Curiouser and curiouser.
What's next, will Jonny Nads turn bullish on what his people have been selling for years, and many times over it appears? Perhaps that would be just too much, and contrarian indeed.
It must make that other craven crow, Jeffery boy, just flip his wig a hundredfold to hear such heresy from the princes of the metal bashing set.
Well, it could be a nicer look for Blythe. Gold flatters the face, whereas silver makes one pale.
Perhaps it is just a distraction from silver, which their central bank cronies cannot lend to them, having little or none anymore. Or perhaps a central bank chum whispered some words of hidden wisdom into their ear. I have heard faint whisperings as well.
"I have heard the mermaids singing, each to each...Well perhaps not so much human, as dismal voices, the mumblings from the bearded men of the financial demimonde.
I have seen them riding seaward on the waves
Combing the white hair of the waves blown back
When the wind blows the water white and black.
We have lingered in the chambers of the sea
By sea-girls wreathed with seaweed red and brown
Till human voices wake us, and we drown."
Was that a bear hug they gave it today? Or were they just clearing the decks for their own trades. Hard to tell in all this excitement, who is zooming whom.
But what goes around apparently comes around, and this has been a long time coming. As the founder of their bank, James Pierpont Morgan himself, once said:
"Gold is money. Everything else is credit."Mirabile dictu. Barbarous is Back.
WSJ
Gold: J.P. Morgan ‘Loves’ It Big Time
By Dave Kansas
August 4, 2011, 9:49 AM ET
As Old Yeller races higher, J.P. Morgan comes out today with a report banging the drum for the barbarous relic.
“We love gold,” J.P. Morgan says. They add: “Many investors may look at the gold price chart with disappointment and assert it’s too late for them to buy. We disagree.”
The bank says that Western governments need to either raise taxes or cut spending or both, and nobody in authority seems ready to take those kinds of tough decisions. As long as everyone’s punting, J.P. Morgan believes gold will keep rising.
J.P. Morgan also points out that South Korea’s central bank recently snapped up 25 tons of gold, joining Mexico, Russia and Thailand as big buyers of the yellow stuff.
In a twist, JPM says gold stocks, which have lagged the surge in gold prices, might be a good vehicle to get into the gold game. They like Goldcorp, Kinross, Newmont and Barrick.
