Pick the silliest of the following three options: buy iodine, sell gold and forget about the Aussie dollar’s gyrations. I’d argue it’s the iodine, but that’s the one that seems to have the biggest following at present.
The Chinese government is asking people to cease stockpiling salt – with Japan to the east of them and the dominant trade wind being an easterly in that part of the world, worried Chinese are panic-buying salt in the belief that the tiny amount of iodine mixed in with the sodium chloride will protect them from cancer. Um, probably not – if there is a cancer risk anyway from the tragedy still unfolding.
With so much hot money in gold via the ETFs, the continuing signs of economic recovery in the US in particular become a problem. Gold doesn’t earn any interest, it doesn’t pay a dividend, it doesn’t make anything that it can sell for more. Gold only goes up if someone else is prepared to pay more for it than you did. The unkind call it “the greater fool” syndrome.
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