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If gold doesn't correlate as it should, how about inquiring why?
10:22a ET Tuesday, February 26, 2019
Dear Friend of GATA and Gold:
Financial letter writer Mark Hulbert never offers a good word about gold, which is fine, but then never offers a relevant one either. This practice has turned him into a mere propagandist.
In his essay today at MarketWatch, headlined "Why Gold Won't Save Your Portfolio from Inflation's Bite" --
https://www.marketwatch.com/story/why-gold-wont-save-your-portfolio-from...
-- Hulbert notes that gold often fails to correlate with inflation, though it is widely supposed to. Indeed, gold's underperformance of inflation in recent decades has been a major disparagement of the monetary metal.
... Dispatch continues below ...
First Vanadium Acquires Strategic Land Position
Extending the Carlin Vanadium Deposit in Nevada
Company Announcement
Thursday, January 31, 2019
VANCOUVER, British Columbia, Canada -- First Vanadium Corp. (TSXV: FVAN, OTCQX: FVANF, FSE: 1PY), formerly Cornerstone Metals Inc., has made a strategic acquisition of the southern extension of the Carlin Vanadium deposit 6 miles south of Carlin, Nevada.
The company has gained mineral rights to an additional 200-meter strike length of the Carlin Vanadium deposit through an access and mineral lease agreement to approximately 80 acres of private (fee simple) land immediately adjacent to the Carlin Vanadium property (called the Cole Creek property). Six vertical holes drilled by Union Carbide in the 1960s on this adjacent ground demonstrated a southern continuance of the Carlin Vanadium deposit with thicknesses ranging from 10.67 meters to 28.96 meters (average 18.54 meters or 60.8 feet) and grades ranging from 0.37 to 0.82 percent vanadium oxide (average 0.57 percent V2O5). ...
... For the remainder of the announcement:
https://www.firstvanadium.com/index.php/news/2019/485-
But Hulbert fails to inquire into this anomaly, though possible explanations are obvious.
After all, even some mainstrem financial analysts now acknowledge that government's official inflation metrics are constantly revised and rigged to underreport inflation. Does anyone who buys his own groceries or pays medical insurance premiums or taxes still believe that, as officials long have been proclaiming, there is no inflation?
And what about surreptitious intervention by government in the gold market? Hulbert hasn't denied it but then he hasn't ever mentioned it. Documentation and admissions of it abound --
http://www.gata.org/taxonomy/term/21
-- but Hulbert never gets past the supposed sentiment of retail investors as the primary determinant of the gold price.
"For gold to justify its current price in terms of inflation," Hulbert writes today, "the Consumer Price Index either needs to be 47 percent higher or gold needs to trade for $902."
But what if the CPI itself is completely invalid? And what if central banks have surreptitiously supplied or underwritten vast amounts of imaginary "paper gold" in the futures markets?
Those questions invite financial journalism. Hulbert's propaganda only deflects them.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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