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Gold's gyrations are the Dow Jones index of anxiety
...words of James Sinclair, a leading New York gold broker, the price of the metal "has become a kind of Dow Jones index of investor anxieties." A worldwide subculture of goldbugs is thriving on the doubts. Gold has its bankers and boosters, its brokers and dealers, its lecturers and analysts. Each of them can quote Robert Browning: "Leave the fire ashes, what survives is gold...
True enough, the 30 stocks in the Dow Jones industrial average have not performed nearly so well as gold in the 1970s. They have lost close to 8% in value. But that hardly means that gold, which pays no dividends, would have been a better play. It was illegal for Americans to own gold until 1975, and by that time foreign speculators, anticipating an immediate rush into gold, had bid it up to nearly $200 per oz. At that level, investors remained wary, and within a year the metal slumped to about half its value. Meanwhile, the Dow Jones average...
EVERY ART has its social commentator. Comic strips have Doonesbury and music has Gil Scott-Heron and Brian Jackson. Listening to a Scott-Heron/Jackson album is an educational experience unrivalled by the "education" obtained from such sources as the makers of Dow Bathroom Cleaner, your local Emmy-award-winning eyewitness news team or your favorite daytime game show. It's an experience that gives insight into answers to questions the game show wouldn't ask or events the news team wouldn't cover. It's really a musical eyeglass cleaner...
...recession next year; the OPEC decision significantly augments both problems and makes them that much harder to deal with. Reflecting the difficulties ahead, the dollar fell an average of 2.25% against major European currencies last week until it was temporarily rescued by large-scale intervention from central banks. The Dow Jones dropped 17.84, to 787.51 before rallying at week...