Although he almost lost his hom, last year, apparently rapper Flo Rida
found the cash to take his $1.7 million whip and add a $1.8 million
layer of gold. The Bugatti is certainly going to standout even among all
the nice rides that cruise Miami Beach every night. I don't have any
beef with it as long as taxpayers don't end up picking up the tab.
Despite all that gold, the precious metal was crushed again yesterday.
Something odd has occurred with the gold trade. All that Fed money
printing hasn't triggered the wild bout of inflation that should've
kicked in a couple years ago when gold peaked at $1,897 on September 5,
2011. The seeds are planted, but there is no velocity on that money—it's
simply not seeping into the Main Street. I think it will; until then
gold is also suffering from all that marketing of it as the key
component in the doomsday survival kit along with batteries, systems to
make dirty water drinkable and compasses.
Getting a free pass in this carnage are the same people screaming about
the risk of owning shares of companies like IBM or Boeing. In fact, just
after misreading a 9,000 point rally for the Dow these curmudgeons and
fear-mongers sniffed out a chance to predict disaster once more. I
happen to share the same basic line of thought, but I also comb through
income statements, balance sheets, and cash flow statements along with
investor presentations and other data each day and night. There are good
companies out there worth owning.
Gold is worth owning, too, but it shouldn't be the only asset you have in your possession.
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