Gold's a Start

 | Aug 23, 2011 | 2:22 PM EDT  | Comments
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Gold's a symptom. Not a cure. But it is a start.

Remember that gold is the thermometer of world tension at this moment, so anything that sends it down hard that is not just margin increase shows that perhaps there's some time to work our way out of this.

Everything would be made easier if the market were down ahead of Jackson Hole because as much as I think Ben can do a good job calming people. I also think that there's nothing that he can do that he hasn't done to get things moving.

That's going to be up to our leaders. Ahem. But I do believe that anything that buys a little time can allow something to be done: capital raises, job ideas, anything that could at least make it so we stay out of a recession.

Total tall order. Nevertheless, if gold kept climbing today, we had no shot whatsoever to get to higher ground.

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