The willfully ignorant sneering about gold in the mainstream financial news media never stops. The latest example comes from The Wall Street Journal's Liam Denning, who snickers in commentary appended here that support for gold now should be coming from central bankers, the scourge of gold bugs. Denning writes that "central bank buying masks the impact of weak jewelry demand, slowing increases in investment flows, and higher supply."
But in sneering that gold, "as an investment, yields nothing," Denning conveniently neglects to note that all major currencies now yield nothing as well, failing to pay a real rate of interest. Where's the sneering about them?
These are the first two paragraphs of Chris Powell's long preamble to the WSJ story...and it's definitely a must read. It's posted in the clear over at the gata.org website...and the link is here.
