The Iraq War Is Largely About Oil.

Gold, Unlike All Other Commodities, Is A Currency...and The Major Thrust In The Demand For Gold Is Not For Jewelry. It's Not For Anything Other Than An Escape From What Is Perceived To Be A Fiat Money System, Paper Money, That Seems To Be Deteriorating.

Nor Can Private Counterparties Restrict Supplies Of Gold, Another Commodity Whose Derivatives Are Often Traded Over-the-counter, Where Central Banks Stand Ready To Lease Gold In Increasing Quantities Should The Price Rise.

Clearly, Sustained Low Inflation Implies Less Uncertainty About The Future, And Lower Risk Premiums Imply Higher Prices Of Stocks And Other Earning Assets. We Can See That In The Inverse Relationship Exhibited By Price/earnings Ratios And The Rate Of Inflation In The Past. But How Do We Know When Irrational Exuberance Has Unduly Escalated Asset Values, Which Then Become Subject To Unexpected And Prolonged Contractions As They Have In Japan Over The Past Decade?

I Love Facts And Figures. It's Like Following A Detective Story, Piecing Together What's Going On In The Economy.

But Rules Cannot Substitute For Character.