Gold and silver market morning report for July 16, 2012

Why then, is gold the unmentionable, four letter word of economics? Why, even today, does serious mention of gold brand the advocate in many circles as an ignoramus, a crank? The answer is threefold: A misunderstanding of the role of money; a misreading of history; and finally, visceral revulsion to the notion that a metal can do a better job of guiding monetary policy than a gaggle of finance ministers, central bankers and well-degreed economists. — Malcolm Forbes