Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Bullion has fallen six days in a row and is set for a weekly loss of more than 4%.
Rick Santelli, financial reporter for CNBC and the person credited with having catalyzed the Tea Party movement, dismissed bullion out of hand on air saying that he doesn’t even “. . . look at gold anymore.”
“They securitized it,” says Santelli, who seems to be saying that gold is no longer accessible.
“Listen, if things go badly, the world that I used to observe as the gold bugs, the gold would end up in the hands of the gold bugs.
“If things go badly now, they are going to end up with cheques from ETFs. The reign of gold is the Ayn Rand end product. To me, that’s over. Game set match. ”
In 2010 the Tea Party Patriots expressed thanks to the Libertarian-leaning Santelli for sparking their political movement.
“Tea Party Patriots wishes to extend a special thank you to Rick Santelli for his rant on February 19, 2009, which started this entire movement. Without Rick’s rant, this movement would never have started. Many others will try to take credit but don’t be fooled. He was the spark that began this fire.”
Hat tip, Business Insider and Zero Hedge
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