Why gold will maintain its glitter... - The Daily Reckoning
The Daily Reckoning by Bill Bonner
On This Day - 30 August 2013
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Why gold will maintain its glitter... A  A  A

Baltimore, Maryland

Seventy-six trombones led the big parade
With a hundred and ten cornets close at hand.
They were followed by rows and rows of the finest virtuo-
Sos, the cream of ev'ry famous band.

Seventy-six trombones caught the morning sun
With a hundred and ten cornets right behind
There were more than a thousand reeds
Springing up like weeds
There were horns of ev'ry shape and kind.

There were copper bottom tympani in horse platoons
Thundering, thundering all along the way.
Double bell euphoniums and big bassoons,
Each bassoon having it's big, fat say!

There were fifty mounted cannon in the battery
Thundering, thundering louder than before
Clarinets of ev'ry size
And trumpeters who'd improvise
A full octave higher than the score!

- The Music Man

Not much activity yesterday. There probably won't be much today either.

The Dow gained a few points. Gold lost a few dollars. Ho. Hum.

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After telling readers how awful it was, now the mainstream press is back to neutral on gold. Barrons' recent headline:

    "Gold Regains Its Glitter"
Markets make opinions. Gold has gained nearly 20% since its low in May. Opinions on it are become more favorable.

But you ain't seen nothing yet. All of the world's major central banks are doing some form of QE. They can't all taper off ...or it will set off the calamity they're trying to avoid - a depression. So, they've got to keep going. The markets...and the economy...depend on it.

You wanna see something really glitter? Just wait!

Meanwhile, the roads are already clogged with people driving to the beach, to the mountains, and to parties everywhere. It is the Labor Day weekend...the last great holiday before we take up our burdens in earnest.

You'll be pleased to hear that our mother is holding up well. We weren't sure she should make the trip to France with us in the summer. She seemed so frail. But she wanted to go, so we made it our goal to get her there and back without mishap. This we accomplished, and breathed a sign of relief, when we wheeled her into Dulles Airport arrivals area a couple weeks ago.

Our mother is a delight. She'll be 94 next month. She has slowed down in the last few years. Her thoughts and conversation are slower than before. And she walks as though she were not going anywhere.

Her mind is clear. She does crossword puzzles in French - a language she doesn't speak - to keep her brain sharp.

But she's becoming eccentric. Whenever she is alone in the house, she puts on "The Music Man." She watches the movie over and over.

You know the story, dear reader. A con-man comes to a small town in Iowa. He makes his money by convincing the yokels that they need a marching band...and then selling them the instruments and the uniforms. Which seems like such an innocent, respectable flim-flam...and so hard to pull off...you can't help but feel sympathy for Robert Preston in the male lead.

He begins by convincing the citizens of River City that their town is bound for Hell, thanks to falling moral standards. Specifically, young people have begun hanging out at the pool hall...and using hip slang such as "swell" and "so's your old man."

What can be done to counter this dark, satanic evil? Well, the town needs something uplifting...something that makes people proud of their town and themselves...a marching band!

The plan was working well. He had his orders. He had his money. The uniforms were arriving from Des Moines. It was time to skedaddle. But something happened. He succeeded too well. The people of River City had bought into the dream of a marching band. They had become excited by it...more confident in themselves and their future. Yes, dear reader, the music man seemed to be performing a miracle...almost like making the lame dance like Pavarotti and the dumb sing like Fred Astaire.

But the biggest miracle happened not to the citizens of River City but to the Music Man himself. The local spinster librarian came to believe...not just in brass and drums...but in him. And for the first time in his life, he saw himself as something different...something better, a poor sinner who had been redeemed by dreams and love.

Grace, beauty, love and truth...even in Iowa.

That must be what our mother likes so much about the movie.

Bill Bonner is the President & Founder of Agora Inc, an international publisher of financial and special interest books and newsletters.

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