Category Archives: Metals

Waiting for Goldot Again

By -

In August of 2005 I wrote an article entitled Waiting for Goldot. It seems silly now but the mood of the time was one of frustration for many gold bugs as the S&P 500 was on a robo grind upward and gold was seemingly going nowhere. The theme of the article was to have patience, gold was just fine. Of course, that period was in the midst of a more traditional inflation, when gold and commodities out performed stocks. So any measure of patience then was a tiny thing compared to what is needed today.

The bear market in which gold resides today is a complex thing, with global inflation and deflation interacting and producing among other things, a Goldilocks environment in the US and rock solid confidence in the Bernanke and later Yellen Feds. Greenspan was continually derided as he allowed a dangerous commercial credit bubble to expand right along with stock prices and the economy.