Gold Bugs: Do You Suffer from Pappagallo?

Dominique de Kevelioc de Bailleul / Beacon Equity

As the Greek vote Sunday came and went, the G-20 Summit, ditto, and now the announcement of the FOMC meeting in Washington comes to a close, gold bugs appear to be hanging onto every event like dogs eyeballing his master in hopes of receive a scrap from the dinner table.

And for those news junkies following the European spectacle, how many times do we need to read a variation of the following quote?

“This [prop up of the global financial system] is not going to work unless they let the fund gear up and draw on the full firepower of the ECB,” David Owen of Jefferies Fixed Income told The Telegraph.

And here comes that ‘pappagallo’ line that Trends Research Institute’s Gerald Celente talks of—that tired, over-baked and repeated analysis coming out of every so-called financial ‘expert’ quoted for the past three years from so-called ‘papers of record’ . . .

The “only institution with the credibility and balance sheet to reassure markets. It would be much simpler if the ECB carried out quantitative easing but that does not seem to be an option.”

continue at Beacon Equity:

http://www.beaconequity.com/gold-bugs-do-you-suffer-from-pappagallo-2012-06-21/#ixzz23ojAI9AE