SANTELLI: 'I Don't Even Look At Gold As Gold Anymore'

[thenews]

Now that gold isn't doing so hot, it sounds as though Rick Santelli thinks the whole game is rigged.

Santelli, who traded gold since 1979, says those investing in gold ETFs are going to end up with checks from ETFs rather than physical gold.

His quote from CNBC:

"I don't even look at gold as gold anymore. Gold is just another piece of paper.

Listen, if things go badly in the world that I used to observe as a gold bug, the gold would end up in the hands of the gold bugs. If things go badly now, they're going to end up with checks from ETFs.

Sorry, it's not the same. The reign of gold is the Ayn Rand end product. To me, that's over. Game, set, match."

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[joe blogs]

Don't be fooled by Golds lack of movement or by Rick Santelli

Gold's very likely in an accumulation phase

although it is very tedious to trade at the minute - but suppose accumulation phases always are, for a reason

all it needs is a good crisis