Tuesday, October 5, 2010

Agreeing with Debbie Carlson

Kitco has bolted on some journalists to its organization recently and now has 'Kitco News' up and running, which probably isn't a bad thing for us metalsheads. And if what we saw from new recruit Debbie Carlson yesterday evening is anything to go by, then there's quality on offer too. This paste-up is of a short but sweet report so I'm going to break with the norm here at IKN and re-print it all. It's also from the line known as "market nuggests" so there's plenty reason to go back and read more, lots of little snapshots on display:

Market Nuggets: Prognosticating Gold's Path Impossible - Citigroup

(Kitco News) - With gold making new highs, investors are looking for forecasts for gold prices following actions of gold miners, central bankers or chartists. None of them have been right in the past 40 years, said Citigroup Global Markets. “When gold miners had to buy back massive hedges, they proved we should not look to them for gold-price forecasting. The same applies to central banks, which sold right at the bottom. Bankers don’t get it right, either. Many famous forecasters (high-profile academics and high-profile chartists), after gold had fallen from a high of $875/oz to $600/oz in 1981, forecast it would soon shoot above $1000. Instead, it entered a 20-year slumber party,” the bank wrote. “We now have popular forecasters (popular because they called sub-prime right) forecasting that gold is on its way to $4000/oz. It may well be. The history of unsuccessful forecasting shows it also may be on its way to $800/oz. And yet these high forecasts are no less popular than they were in 1981. As the famous saying goes, ‘Its deja vu all over again’.”
By Debbie Carlson of Kitco News

IKN fully agrees with Carlson, who uses a window created by C to ram home some plain truths to Kitco readers. Yup, them there industry experts (e.g. dumbasses in suits, dumbasses in hardhats and in the case of the newsletter writers dumbasses in pyjamas or underwashed t-shirts) are not to be relied upon by any sane person. Really. And definitely includes Jon Nadler of Kitco as well, of course. So what comes up next is not for Carlson (cos IKN has decided it likes her) but for all the other false friends and maniacs that would be our ego-ridden kings and gurus. Will you ALL please just