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Monday, May 15, 2006

the dollar is a floozy...but gold can say "no"

I was on vacation last week, having a great time in Florida. It was a family get together, and A.W. View was able to hook up with us as well. However, I had no access to the internet for five whole days!! Even though I was busy and having fun every moment, there was always that awareness that I was missing out on the websites and blogs I check daily. For example, I only just now noticed this piece by Bill Bonner, posted on LRC a few days ago.
The dollar has been too easy with her favors. And now, her best years are behind her. Her last beau, Alan Greenspan, took a lot out of her – reducing her street value by half. And yesterday, the end of the rate increases signaled the beginning of a new and tawdry chapter in the life of the floozy currency...

..."She brought it on herself," say insensitive investors. "She threw herself at every man who walked down the street, you know, practically giving herself away to anyone who asked. She just didn't know how to say "no." What do you expect?"

Meanwhile, gold hit a quarter-century high, with June contracts selling for $705 an ounce.

The yellow metal, buyers noticed, is everything the dollar is not. While the dollar could never say "no," gold says nothing else: No to debt. No to new spending schemes. No to improving the world. No to re-electing scoundrels. No to bubbles. No to foreign wars. No to trade deficits. No, no, no, no, no.

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