Elite Meme: Anything Is Better Than Gold

from The Daily Bell:

‘Buy oil, not gold’ … Oil is a better bet for investors than gold, a leading fund manager has said. The gold price peaked at about $1,900 in August last year, but is currently at about $1,625…Trevor Greetham, portfolio manager of Fidelity’s multi-asset funds, said gold did better when the dollar was weak and global growth was slowing. “A US-led global upswing could see neither condition hold true,” he added. Gold was also becoming less attractive within the commodity asset class, Mr Greetham added. He said oil was “a much better hedge against geopolitical shocks”, particularly when there were tensions in the Middle East. – UK Telegraph

Dominant Social Theme: Gold … You can’t eat it.

Free-Market Analysis: We have been covering an upsurge in articles about the “gold bubble” of late. We checked online at Google and in the last 24 hours there have been over 200 articles including the words “gold bubble.”

Surprisingly, many of the articles are anti-gold bubble – as in the sense that one doesn’t yet exist. But among mainstream media publications, it is an article of faith that a gold bubble is likely part of the economic landscape. This is borne out by articles like this one, excerpted above.

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