Monday, June 14, 2010

A Portent From The New York Times

Patrick A. Heller of Liberty Coin Service list seven reasons why gold is going to resume its bull trend come July in his latest commentary; one of them deserves special mention. The New York Times is not exactly a friend of gold, but a recent article had some good things to say about the metal. In Heller's words:
The New York Times has consistently skewed its news coverage to either ignore positive developments for precious metals and only occasionally ever mentioned gold and silver at all, invariably with a negative slant. The June 13 edition of the online Times carries one of the most positive stories for gold that has appeared in the mainstream media in a long time. The story is titled “Uncertainty Restores Glitter to an Old Refuge, Gold”... The article quotes what used to be considered crackpot ideas like 1) the possibility of merchants refusing to accept paper money and only accept payment in gold; 2) the debts of the United States, Japan, and Britain could be unsustainable and could hurt confidence in all paper money; and 3) the global credit system could be now entering “the end game.” This story represents a major breakthrough for covering the positive aspects of precious metals and the heightened risks of owning paper assets like currencies, stocks, and bonds.

My guess is that the recent concern expressed by some heavyweight money managers over U.S. government confiscating gold kicked this story into gear. Unusually, this Times piece is straight reporting. Evidently, the news doyens at the paper have decided that gold is having its day.

By the way: when I checked, that Times story was the second-most read on its top-ten online list.

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