From The New York Sun
Sunday, August 9, 2020
“It seems we’re all gold bugs now,’ announces the op-ed piece in The New York Times. It says that gold is “one of the best performing assets in the world this year.” Of gold, the Times writes: “Its price just topped $2,000 an ounce for the first time.” It concludes by warning that unless “central banks stop printing money frantically and real interest rates start rising again, it is difficult not to be a gold bug now.”
Welcome to the fight, we say. It’s nice to see our esteemed colleagues acknowledge the monetary issue, even if they do so with typical condescension. The phrase “gold bug,” after all, is marked in the Sun’s “Reporter’s Handbook and Manual of Style” as pejorative. The Times’ definition of gold bugs as “investors perpetually bullish on gold” is crosswise with our view; we’re not perpetually bullish on gold and don’t invest in it.
Then again also, the Sun’s style guide defines gold as the basis of monetary value. So the Sun discourages its scribes writing about monetary matters from using in respect of gold the word “price.” This is how the Sun’s manual puts it: “Please avoid referring to the price of gold. The Sun prefers to refer to the value of the dollar.”
What the Times is talking about is not a rise in the price of gold but a collapse in the value of the dollar.
Anyhow, we are glad to see them enter this discussion, even if they had to bring a banker, Ruchir Sharma, from Morgan Stanley into the op ed page to do it. …
… For the remainder of the commentary:
Toast to a free gold market
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