by Vidad MaGoodn
WALL STREET (MNN) – Gold has hit a new historic high despite the large number of average Americans who still invest in mutual funds and the stock market. Mutual funds, which are one of the stupidest namby-pamby investments in the world, nevertheless make up over 90% of the portfolios of middle class citizens. They are also used extensively by rich investment managers to screw those poorer than themselves.
Gold, which is a historic wealth preserver, is again telling the story it has told through many financial crises. Mainly, you can’t trust a government with the power to print money. When gold goes up, it’s a sure sign that the printing presses are running.
Interestingly, the slimy scumbags at Goldman Sachs recently encouraged investors to “short” gold. Obviously, they’re accumulating (and intending to screw over the shorts) if that’s the kind of advice they’re giving to clients.
Contrarian investment adviser Rob Allsworth has some advice for bankers.
“Remember, you guys are outnumbered by the lumpen masses, and that the lumpen masses often drink heavily and don’t use proper firearm safety, particularly when their hunting rifles are pointed at slick bastards in expensive suits who’ve made a living off the backs of people that work for a living.”
Most investors, however, are still buying stocks and mutual funds despite gold’s epic rise and strong fundamentals. Displaying their bizarre herd instincts, average Americans must think stocks will rise forever – this despite a marked deterioration in fundamentals mixed with a high price to earnings ratio and overbought conditions.
Gold closed the day at $902.60, silver at $16.34.
In other news, President Bush is still a fascist with an abysmal grasp of sound economic policies.
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