MIDAS TOUCH? Not so much. Gold—that seemingly invincible investment and go-to inflation hedge of many a hedge fund, survivalists, Glenn Beck, and hedge fund managers who sound like survivalist friends of Glenn Beck—took a deep dive this morning. The reaction to it has a pretty excitable ring to it, one that sounds awfully familiar: that of people taking an inordinate amount of pleasure with the fall of gold. Kind of like schadenfreude (a regular occurrence in finance, usually for no other reason than having some skin on the other side of a bet) except with gold, it’s different. People love—or at least: seem to truly enjoy and indulge in—the hating of gold bugs. Why? Read More
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