Word: goldbugs
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...that it isn't beholden to national politics. The downside is that its supply increases fitfully, with no regard for the state of the world economy. That's why John Maynard Keynes called the gold standard a "barbarous relic," and why you won't find anyone outside the goldbug fringe calling for a full return to the gold standard now. But a partial return, in which central banks hold gold as a hedge against financial turmoil (the Reserve Bank of India just bought $6.7 billion of the stuff from the International Monetary Fund) and gold begins to play a role...
...James Baker become a goldbug? Not exactly, but the distinguished bankers and ministers from around the world who gathered in Washington last week for a meeting of the World Bank and International Monetary Fund were startled to hear the U.S. Treasury Secretary suggest a new role for gold in international economic affairs. To be sure, Baker was not advocating a return to the gold standard, in which the price of the precious metal would be fixed in all the major currencies. But the Secretary said countries might use an index of the worldwide prices of gold and other heavily traded...
Coming Attractions. Laughing all the way to and through the bunkum, Playwright Ted Tally has written a sizzling satire about how media peddlers can translate punk killers into instant goldbug celebrities...
...famous 17-year cicada has nothing on the perennial goldbug. Quick-buck speculators, long-haul investors and just plain inflation-scared savers have put so much money into gold that last week it ballooned to a record $277.15 an ounce. Other precious metals have been piggybacking on the yellow stuff. Lately silver and platinum have risen even faster than gold. Predictions that gold could hit $300 an ounce by midsummer-and that other metals could rise in tandem -are becoming self-fulfilling as speculators rush to buy in anticipation of higher prices...
...eminent goldbug, a professional pessimist, Deak understands the psychology of people who have lost faith in mere money and paper shares. Critics, including many stockbrokers, say that Deak has a great 17th century mind, that his views would make Marie Antoinette look like Bella. Abzug. But his opinions are important, since so many nervous people share them...