Short and sweet today as the MacroTourist is actually on a camping trip with the wife’s in-laws celebrating her father’s 70th birthday. Almost skipped posting, but on Friday I stumbled on a Jim Grant interview that I couldn’t resist writing up.
Jim was asked about the recent article by WSJ’s Jason Zweig describing gold as a pet rock.
I have to admit, it’s a pretty good line. It makes a great headline.
Jim was quick to highlight another of the author’s previous stories. This article was written on September 17th, 2011 and it was titled: “Is Gold cheap? Who knows, but gold miners are…”
In what can only be described as timing that would make a Bruno Mars jealous, Jason Zweig missed top ticking the GDX gold miner ETF by mere days.
He was only three bloody days early! Brilliant! And I am not talking about some interim top that was surpassed in the coming weeks. No, Jason Zweig wrote that article within days of the ALL TIME HIGH IN GDX. That price was never to be seen again, and we are now 80% lower.
Man, I have had some bad calls in my day, but this one by Jason Zweig makes them look like slight hiccups. You decide if the pet rock article is bullish or bearish for our poor little yellow friend…
Thanks for reading,