"I think China is already imploding ... from an investment point, it is... My argument is as an investor, you don't care about the Chinese economy but about the valuation of Chinese assets... You have to be careful in terms of the prognosis, especially for the United States, that this is going to become Argentina."
Richard Bernstein via Reuters
Back to the subject of the yellow metal. A sample of recent quotes follows:
"On an inflation-adjusted basis, however, gold is far from its peak level of 1980..."
"When adjusted for inflation, however, gold remains far short of its all-time high..."
"Gold’s rally to a record means prices are still 53 percent below the 1980 inflation-adjusted peak..."
Following this "logic", stocks have to repeat their year 2000 highs very soon. How about 1936 lows, anybody?
By the way, gold hit its 1980 peak and then retreated very rapidly. Within a month, the game was over, followed by a 22 year-long bear market. Makes one think.
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