09/06/10 Tampa, Florida – Bloomberg.com had the headline “Bank of Korea ‘Under Pressure’ to Boost Gold Holdings, Shinhan’s Oh Says,” which was perfectly understandable, although I have no idea what “Shinhan’s Oh Says” means.
I suspect that Shinhan is some guy who just found out that purposely not buying gold is a really stupid idea, and who, upon realization of his rookie-like mistake, said, “Oh!”
Curious, I read further only to discover the brouhaha is that “The Bank of Korea, which has shunned adding gold to foreign-exchange reserves,” is now doing so, which fulfills my original hypothesis of some guy named Shinhan making a stupid investing mistake!
I can see that I am hot in deciphering the news! Inspired, I then read that the central bank of Korea is “under pressure” to consider purchases of gold “as the global economy worsens and the price advances,” says Shinhan BNP Paribas Asset Management Co., which seems kind of weird to be the last name of some guy named Shinhan who says “Oh.”
Then, to make it even weirder, it turns out that nobody actually said “Oh!” at all! It seems that some other guy, who may or may not be connected with the mysteriously-named Shinhan BNP Paribas Asset Management Co., is named Oh!
Well, whoever the mysterious Mr. Oh is, he realizes that “The global economy is taking a turn for the worse,” which is bad enough, but he finds that the misery is compounded because “The declining values of the dollar and the euro, coupled with an economic downturn, mean the Bank of Korea should find other alternatives to invest.”
I thought that it was very telling that he went on that the article quoted Mr. Oh as saying, “There are not many options,” and then the writer went on to state that Mr. Oh weighed the options “without forecasting gold prices,” which seems like an odd non-sequitur, as if somebody at Bloomberg is passing a coded message to someone else, perhaps to me, telling me to buy more gold!
Without explanation or decoding, the article went on that the impetus to buy more gold was that “South Korea’s foreign-exchange reserves – the world’s sixth-largest after China, Japan, Russia, Taiwan and India – rose to a record $286 billion in July. The Asian nation holds 14.4 metric tons of gold, equivalent to about 0.03 percent of total reserves, according to figures from the Bank of Korea.” Wow!
Well, as a snotty guy who has more gold as a percentage of assets than this measly 0.03%, it makes you wonder why these Korean idiots have 0.03% of their total reserves in gold in the first place, which is so little gold that you laugh at them – hahaha! – for wasting your time because it indicates, as far as you are concerned, not economic savvy but brain damage.
The real kicker is that Shinhan BNPP Gold Equity Investment Trust, since its inception in 2007, invests “70 percent of the money in mining shares” and “invests the rest in physical gold,” a terrific strategy that has “yielded a return of 11.5 percent this year after a 22.2 percent gain in 2009.”
This Shinhan fund, so spectacularly successful, is clearly a blatant rip-off of the Mogambo Indecipherable Acronym Gold Equity Investment Trust (MIAGEIT), except for the part about how I recommend putting a goodly chunk of money into yummy frozen pizza, adult erotica and raw firepower, which is a good idea whether or not you buy gold at all! Hahaha!
But, back to business, I gently remind you to buy gold, silver and oil stocks against the idiocy of your government deficit-spending so much money and the inflationary calamity of the Federal Reserve creating the money.
And if you don’t buy gold, silver and oil after I gently reminded you, then I will not so gently remind you that you are an idiot! You are worse than an idiot! You are a lowlife imbecile! And you will grow old and die in penniless misery because you act like an idiot, and your children will curse you for being so stupid as to not buy gold, silver and oil when it was obviously the correct thing to do, and they will drive you from their doors when you beg for crusts of bread.
So, think about it; gold, silver and oil, or begging for crumbs from your own children who hate your guts. Seems like a no-brainer to me! Whee!
The Mogambo Guru
for The Daily Reckoning
The Mogambo Guru
Richard Daughty (Mogambo Guru) is general partner and COO for Smith Consultant Group, serving the financial and medical communities, and the writer/publisher of the Mogambo Guru economic newsletter, an avocational exercise to better heap disrespect on those who desperately deserve it. The Mogambo Guru is quoted frequently in Barron's, The Daily Reckoning , and other fine publications. For podcasts featuring the Mogambo, click here.
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the idiot ploy. I suppose then you think there are those out here want of follow people like you over the edge and stand around and wonder what happened when we out here come and take it all away from you who is also an idiot that will have to hide it somewhere and hire mercenaries to help you keep it and then you won’t be able to sleep in fear that those mercenaries will take it away from you. What a dilemma for such and idiot and of course lets not forget your ranting and raving about gold is nothing but a sales pitch for the gold associations that pay you to do just that. Not much different than a guy named Beck.
Bahahah. Thats what people sound like that believe what you write. Its very funny how you sound just like a guy named Beck.
OK so that’s a little ruff. We are social beings. No one would sit alone on a desert island and fondle their money (almost no one.) Money would not feed or house such a person. Obviously, social interaction is what I am talking about, not individual choices or motivations. Ignoring the social competent is to argue for the same old WASP rugged individualism that undermines community and that is the foundation of the social and political problems.
Hey “devil’s advocate”: it is a lot easier to interact socially when you have money. When you are broke, people tend to hate you. When you have cash you make friends more easily. Gold is money.
This failed experiment in fiat currency will end in tears for thos who hold dollars. History is littered with the corpses of un-backed currency.
Hey “John” I wouldn’t want to be around the kind of people that judge a person by how much money someone has. These people you talk about are not your friends or let me say not the kind of friends I would care to have. So go and buy your friends. This is perhaps the personality of a person so desperate to have friends and the need for material wealth to be someone.
This is among the most hilarious and scathing of all of the Mogambos post’s. I couldn’t stop laughing.
“Then, to make it even weirder, it turns out that nobody actually said “Oh!” at all! It seems that some other guy, who may or may not be connected with the mysteriously-named Shinhan BNP Paribas Asset Management Co., is named Oh!”
HAHAHAHAHAHAHAHAHA!
Yo, Devil, I ran your second post through my Orwellian doublespeak remover and it concluded “Ignoring the social component is to argue for the same old American rugged individualism that built and sustained a great nation and that is the bulwark against socialist mediocrity.”
RE Devils Advocate: “I wouldn’t want to be around the kind of people that judge a person by how much money someone has. These people you talk about are not your friends or let me say not the kind of friends I would care to have. So go and buy your friends.”
Who said anything about judging people by how much money they have? How about judging someone by how careful they’ve been tending to their finances and being responsible? How well they’ve been able to make their way in the world? How about being able to create and maintain friendships because you have the money to go with them to concerts, or a weekend in a city nearby, or vacation together, thereby sharing your life experiences with theirs? Or donate to the charity that they created? There’s far more context to the situation than a summary of “buying your friends”.
For one hate is a judgement. And as far as “tending finances and being responsible” is certainly the mantra of blind sheep that do what they are told is right and follow the herd right over the cliff.
MG, Why, even though you have gold, do your children hate you?
Mighty Mogambo, may I impertinently suggest that “Shinhan’s Oh” refers to Shinhan’s Other Half, i.e. his wife, who, if anything like my other half, calls ALL the shots.
Dear Devil. Those that might steal gold form others then have to worry about who is going to steal the gold from them.
We are a group of organized local miners based in Kisangani, Congo. We are currently looking for a well established investment partner who will come and invest in our Mines OR buy rights in our mines under contract and agreement. Any interested individual or company should indicate for a meeting and inspection before agreement/contract signed.
We also sell our available Gold Dust/Nugget to interested buyers. At the moment we have Alluvial Gold Dust, 22 Carats, Purity 96.5%, Current price $19,400.00 per Kg, Current quantity available 480kg. NO UPFRONT PAYMENT REQUIRED, PAYMENT MADE AFTER PROPER INSPECTION OF OUR PRODUCT.
Should you be interested, Please dont hesitate to email us through our private email address congomineralssprl@gmail.com.
Best regards
Charles Mugoya
Marketing Maneger.
Yea I know OPS5255 those forms can be a bitch. You never know what you’ll have to fill out.
Diablo – take a Valium. You are starting to sound like Mogambo…or Glenn Beck.
No one sounds like Glenn Beck like you do not_harry
Yea you are right not_harry I take that back. I do go nuts when I see such blind stupidity in those two pitch men and such a stupid herd mentality in their followers.
Diablo –
PRETENDING to take a Valium is not the same as actually taking one. In addition to the other two, you are starting to sound a little like my bro, who has been repeatedly visited by aliens that work for the CIA. (Or was it BP? He forgets sometimes…usually when they turn on the microchip they implanted in his head just behind the bridge of his nose.)
In your honor, I’m going to take a Valium before I head off to the coin shop where I’m going trade a stack of paper money for a little AU. It waaaay helps with road rage.
Hey Devil: gold is money from 5 thousand freaking years worldwide. How about your pies in the sky?
5 thousand. wow
Unlike Glen Beck, The Mogambo Guru does not care where you buy your gold from or in what form you choose (ingots, bullion coins, 400 ounce bars, etc.)
The Mogambo has not asked us to buy gold or silver or oil from his sponsors (though he does from time to time advertise his Magnificent Mogambo businesses with a money back guarantee, providing the refund money comes from a Monopoly board game.)
Besides, when in the last five thousand years of human history has gold NOT been considered valuable?
When South Vietnam fell to North Vietnam, what item did the fleeing Vietnamese take with them to start a new life in the US?
Gold.
When Zimbabwe became hyperinflation land, what was the item that Zimbabweans searched for to buy food?
Gold.
From Mr. Antal Fekete, a man who lived through the hard years of WWII in Europe, we get this memorable quote-
“Those who had gold, ate. Those who didn’t went hungry.”
People can trash talk gold all they want, reality sides with the precious yellow metal.
Great post! I’ve been very interested in gold for a long time. I agree gold
is money!