Auguries—World Leaders Pretend
May 24, 2012
By Kevin Michael Grace

A wild week for gold, with the big gains of last Thursday and Friday wiped out and more but a recovery of $11 today. Gold was down (at press time) $15 (-1%) for the week to $1,559.40, and silver was up
.20 (+0.7%) to $28.26. Various news organizations posited various explanations for the gyrations, with liberal use of the nouns “Greece,” “Eurozone,” “US dollar” and “safe haven.”

Searching for a metaphorical peg for this column, one discovers just the thing, used in this space almost a year ago. So here it is again, Danny from Withnail and I: “Politics, man. If you’re hanging on to a rising balloon, you’re presented with a difficult decision—let go before it’s too late, or hold on and keep getting higher. Posing the question: how long can you keep a grip on the rope?”

Read the rest of this article on gold prices.