Oh my. He really fucking put both feet in.
Financial Post -
Ned Goodman says blah blah hyperinflation blah blah Zimbabwe.
Ned Goodman, founder and chief executive officer of holding company Dundee Corp., shed the last of his bank shares after forecasting global inflation will make investments such as gold stocks and organic beef more rewarding.
[...]
With the U.S. Federal Reserve and other central banks printing money, it’s only a matter of time before currencies lose value and inflation rises, Goodman said.
“The world is totally upside down right now — it’s completely crazy,” Goodman said, clicking off his Rolex watch and slinking the chain between his fingers. “I don’t know of another time when every country in the world was printing money.”
Hey dumbass! Where's that inflation been for the past 5 years, then? Hm? Where's the inflation?
Actually yes, there is inflation - stagflation, in fact. But it's over there in the very emerging market countries that make up the vast majority of gold demand. And they're not printing money, so your point is still worthless. Their inflation is happening because the cheap credit that drove the most recent EM burst has gone away, and now their currencies are collapsing as the hot money leaves, so their central banks have to resort to horrible rate rises that kill their economy... wait, why don't you
know this already? Do you need someone to buy you a Financial Times subscription?
Fed Chairman Ben S. Bernanke began so-called quantitative easing in 2008 during the financial crisis, and the bank is buying $85 billion in bonds each month in an effort to keep interest rates low and spur economic growth. Japan and the European Central Bank created similar programs.
Goodman said he doesn’t know when inflation will rise or how drastically, but that his investment strategy is a pre-emptive strike against that risk.
“I don’t wait for inflation,” he said. “It’s hard to call, but it’s impossible for me to see the U.S. getting out of trouble without printing more money and it’s impossible to see how Europe survives in the form that it’s in. You look around the world and you say: ‘We’re going to have to have some inflation.’ I want to own assets that are inflation-proof.”
Hey dumbass! If you simply subscribe to three publicly available blogs -
Calculated Risk,
Bonddad, and
Michael Shaoul - you'll have access to all the data necessary to learn that the US is recovering and Europe is well on the road to surviving. There's really no fucking excuse for remaining ignorant.
On the other hand, if you keep listening to fruitcake Republican clowns from the goldbug doomer world, all you'll learn is the same idiot stories that they feed the Tea Party mailing lists that they troll for new pump & dump victims.
Seriously.
Google "Tea Party" "pump and dump" gold. Do it. Then read all the articles. It'll open your fucking eyes.
Canada’s annual inflation rate was 1.2 percent in June and is forecast to average 1.7 percent for the year, 2.4 percent in 2014 and 2.7 percent in 2015, according to analysts’ estimates compiled by Bloomberg. Inflation for the U.S. will average 1.6 percent this year and 1.9 percent in 2014, up from 1.8 percent in June, according to estimates while globally, inflation is expected to average 2.3 percent this year and 2.8 percent in 2014.
Again dumbass, where's the fucking inflation? This is empirical data here, and it proves your theory wrong. So how long do you want to stay wrong? And how stupid are you if you still
want to stay wrong?
Miners of precious metals are “dirt cheap,” Goodman said. The largest single stake, or 10 percent, of the C$50 million Goodman Gold Trust is invested in Toronto-based Barrick Gold Corp., the world’s largest producer of the metal. The Trust dropped 48 percent in the last 12 months; Barrick dropped 52 percent.
Yup, you sure got that right! Miners sure are dirt cheap. Too bad you didn't sidestep this multi-year crash in miner prices, as evidenced by the fact your Goodman Gold Trust has lost almost as much money as a straight investment in Barrick. I guess you didn't want to make any money, or even hedge your losses with some nice fat downside puts.
Frankly I'm going to set this guy under the rubrik "people who sometimes have valuable things to say, but then destroy any respect I had for them by coating it all in a thick miasma of feces".
Because whatever he says, he's been a failure at the gold thing for over the past year. I don't listen to failures. And it seems he's been a failure cos he's wilfully ignoring reality, and I also don't listen to people who ignore reality.
And yes I know he's going to see this post.