By John Galt
August 16, 2011 – 22:15 ET
If one watches enough financial television, one might get that rare opportunity to see one of the gold naysayers practically break down and cry on the set as their GLD short position gets eviscerated about every ten days now. It is sort of fun because the “expert” looks as if they are about to cry as they say “gold is going to crash and could go back to $600 easy” every time there is a 1, 2, or 10% move in the precious metal. Sometimes sadistic fun is the best and the lack of understanding about the precious metals provides the best entertainment.
Let’s spin the globe to the Middle East where they DO understand the traditional role of gold being money, unlike our Fed Chairman Bernanke, and an article from Arabian Business which explains to the Bubbleidiots on television why gold is money and why people by gold as they can when they feel the world’s reserve currency can no longer be trusted:
By Claire Ferris-Lay
Dubai’s gold traders have reported a 100 percent rise in the number of customers buying gold bullion as investors move to seek shelter from US and euro zone debt woes.
Gold has long been seen as a safe haven buy by Asian investors, but traders in Dubai’s gold souqs have reported a steady increase in sales across all nationalities.
“Traditionally Indian people bought more gold but now almost every nationality I can think of has bought gold bullion,” said Chatan Dhakan of National Jewellery.
“I would say in the past six months it has least doubled; before I used to get one or two customers [buying bullion], now it’s at least four to five customers per day.”