A sad and unexpected goldbugger

I had no idea, until today, that respectable MSN financial columnist Bill Fleckenstein was a “goldbugger.” But he is.

Of course, he repeats the elementary mistake of most goldbuggers in claiming gold has “intrinsic value.”

No, it has very little. It has little technological and other use. If you want a precious metal, put us on a silver system.

If you want something real for today’s world, back our money with oil, coal or uranium, from the energy side, or else with silicon or lithium, from the tech world.

Anyway, the fact that Fleckenstein thinks gold has “intrinsic value” leads me to question his overall financial analysis skills.

Paul Krugman has more on the sudden rush of goldbuggery, or some functional equivalents, even among Fed governors, and what's wrong with all this.