November 27, 2014

YEAH, BUT IT IS SHINY!:

Gold is 'effectively shiny Bitcoin': Citigroup's Buiter (Barbara Kollmeyer, 11/27/14, MarketWatch)

A six-thousand year old bubble, "shiny Bitcoin," and something that no self-respecting central bank should hold in reserves ever.

That was Citigroup analysts, laying into gold in a note that came out a day ahead of Thanksgiving, as the investment bank opened the debate on gold's value ahead of a crucial decision by Switzerland on whether the central bank should more than double its gold holdings.

The "Save Our Swiss Gold" campaign aims to force the Swiss National Bank to hold a fifth of its assets in gold within five years and prohibit the bank from selling gold in the future, as well as repatriate any gold overseas. Organizers accuse the bank of mismanaging the nation's wealth property.

While gold bugs are hoping for a "yes" vote, most analysts don't see that happening.

There's no point trying to explain economics to Malthusians.

Posted by at November 27, 2014 11:06 AM
  

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