Wells Fargo Says "Gold Bubble Poised to Burst", Mish Says "Wells Fargo Bubble Poised to Burst"Submitted by bobbyw24 on Wed, 08/17/2011 - 20:29
I suspect there will be a retest of that March 2009 low if and when Wells Fargo has to mark-to-market its balance sheet chock full of piss-poor real estate loans and other assets. Then again, the market may take things into its own hands first.
Furthermore, were it not for taxpayer bailouts and extraordinary support from the Fed and Congress, Wells Fargo may have gone to zero in 2009.
Regardless, Wells Fargo is a far better short than gold given the US economic backdrop, weakening global economy, and the competitive currency debasement practices of central bankers throughout the world.
By the way, that is an opinion, not a recommendation.