People say that selling in the Paper Gold market has hurt the Bullion market…perhaps it has but it reminds me of an old story from the New Orleans Seafood Exchange…which I think might provide a little perspective on today’s gold market.
A long time ago, way before people had color TV, there was a small town doctor who had a real passion for trading commodities. He had a tough old La Salle Street broker who tried to keep Doc on the straight and narrow. Over the years Doc had traded most of the grain markets, without much success. He’d tried cotton, but that didn’t seem to work for him, and he never could get the rhythm of the coffee and sugar market…but then…he discovered the Seafood Market and that seemed to fit him to a “T.”