Thursday, December 27, 2012

Is Joe Weisenthal Really This Nuts?

Joe Weisenthal ran a copy of a “Buy Gold” ad from 1973.  It was an advertisement for “The Dines Letter.”  Weisenthal’s comments:

JC Parets of AllStarCharts posted an awesome shot from a Barron's ad from 1973. It's an ad for gold, and what's great is that it shows that nothing ever changes.

It's always about to go higher. There's always dollar devaluation people are worried about. There's always CRISIS!!! There's always risk of an imminent market collapse.

The average gold price in 1973 was $97.  This was at the early stages of a bull run that lasted through 1980, when the average price for the year was over $600.  Since 1973, gold is up more than fifteen-fold.

And Weisenthal has a problem with this how, exactly?

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