Stuff That Interests Me

You probably saw my post from ten days ago in which I argued that the vast numbers of people queuing up outside bullion stores in Singapore and Sydney to buy gold and silver were not a good sign.As it turns out, they were not. Gold and silver have put in a top - an interim, mid-cycle top, in my view, not the top - and we can now expect many months of sideways, shake-out, frustrating consolidation to generally piss everyone off. It’s important, in such times, to keep your eye on the bigger picture, which in this case is the inevitable debasement of currency, so as not to lose your position.You’ll know, I’m sure, the story of Joe Kennedy’s shoe shine boy. In 1929, so the story goes, the boy who was polishing the celebrated investor’s shoes started giving him stock tips. If the shoe shine boy has bought in, thought Joe Kennedy Snr, who else is left to buy? That persuaded him that the top was close and he famously sold just before the crash.That story is often cited to illustrate the idea that retail investors