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Monday, June 09, 2008

Are Warclouds Gathering? MarketWatch Expert Sees Surge In Gold Presaging Attack On Iran

CINCINNATI (TDB) -- Peter Brimelow's commentary "that the world smells war in the Middle East, specifically an attack on Iran," is getting a wide audience in the financial world today. The commentary is even available to customers of Fidelity who are trading or checking stock prices and retirement accounts on that company's mutual fund and brokerage site. So Brimelow's words are reaching individual investors, not just the institutional money handlers and insiders. He notes that gold prices soared inexplicably last week (not just oil), and that such a concentrated wave of gold buying caught the best experts totally by surprise. Brimelow cited goldbugs who found no logical explanation for Friday's $23.50 rise -- in other words, recognizable market trends such as gluts and shortages, supply and demand, seemed not to be in in play. He cited, a subscription Web site frequented by gold traders from around the globe, as the source of concern that coming combat with Iran is behind the price surge. Said Brimelow in the final paragraph of his commentary:

"Wall Street hates having to think about politics, much less foreign affairs. But around the world, especially in potential war zones, people do think about them. They also think about gold."

He's right about that, of course.

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