From the Kudlow show... Rick Santelli recalls Paul Volcker thusly: "I can't remember the exact quote but when I used to trade and Mr. Volcker was Fed chairman, he said something like 'gold is my enemy, I'm always watching what gold is doing', we need to think why he made a statement like that. If you're a central banker or one of the congressmen or senators, watch what gold is doing because this is a no-confidence vote in fiscal and dollar policy.'
You know Greenspan, the former gold bug, was obsessed with what gold was doing. Are the myopic academics running the show today tuned in? Do they - perish the thought - actually want a gold bubble; the 'final bubble' as I have called it over the years? There's only one asset (the monetary one) in new high, blue sky territory. Stay tuned.
