Gold Is What Folks Should Worry About
Yesterday, I took the train to NYC for my Fox Business segment. As I normally do, I opened my laptop and got to work. While many know me as a serial socializer in life, I am laser focused on work when I travel. So I am working away and the man next to me leans over and says, “buy gold”. And then he adds, “and the AI stuff too”.
Now, I don’t know much, but I do know that no one ever advises to buy things during a crash. And in gold’s case, few have said boo during the entire bull market. My Spidey senses were heightened.
On the train ride home, a friend texts me that I should “load up on silver” as he recently did because the metal was $16 and now it’s $48. In my 38-year career, I don’t believe anyone has ever said that to me that way.
Remember when the shoeshine boy was giving Joe Kennedy stock tips in 1929? Between the media’s obsession with gold, pundits revising history that they have been bullish for years and my anecdotal evidence, gold seems much more vulnerable than anything else right now. Oh yeah, lest I forget that some overpaid Wall Street stuffed shirts were scrambling to advise clients to own the most gold in their portfolio.
On Wednesday we bought more BXHYX and XHB. We sold PCY, SDS and some HYG. On Thursday we bought SSO. We sold EMB and some XHB.
