Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
The adverse response of wealthy Republicans to Barack Obama’s presidential victory has reached strange extremes in certain corners, with financial advisers claiming that some of their more distraught clients have taken to burying their cash and gold beneath the ground.
Reuters reports that financial advisers to America’s affluent elite have observed a number of strange and extreme reactions to the incumbent president’s second-term victory.
While some have vowed to emigrate and others have circulated expletive-filled internet missives anticipating nation-wide catastrophe, others plan to convert their seven-digit investment holdings into cash or gold in order to safeguard their wealth during Obama’s second term in office.
Many of Obama’s more trenchant detractors anticipate mass inflation should the now two-term president continue to support Fed Reserve head Ben Bernanke’s plans for “Q3 to infinity.”
Scott Tiras of Ameriprise Financial says that one of his clients wished to convert $250,000 of his assets into cash and gold before burying the stash in three different locations on his ranch.
John Burke, chief executive of New Jersey’s Burke Financial Strategies, says such desperate measures are part of a reaction of unprecedented intensity to Obama’s election win amongst stalwart conservatives.
“Some of them are inconsolable,” says Burke. “I’ve never seen people so upset about anything in politics.”
Comments
Rob_Dean
I don’t buy your story here Marc. Maybe a few people are following this agenda but I really doubt there is a plethora of rich people running out to convert their investments to gold and cash in order to bury it on their property or to stuff it in a safety deposit box.
If people are converting there investments to cash and gold in New Jersey its for the purpose of rebuilding their other assets that have been compromised by “Sandy” As far as I can see John Burke is out to drum up some business for his company in a slow financial period and you, by publishing this tripe, are a willing accomplice.