I am shocked and disappointed this morning to read in the Wall St Journal that Ron Paul's declared portfolio assets list no physical Gold or Silver. Makes you think how likely that "Gold is in a Bubble" when the US's greatest hard money advocate doesn't actually own any?
Article highlights follow, with my comments in italics
From WSJ.com:
According to data available through his 2010 “Form A” financial disclosure statement, filed last May, Rep. Paul’s portfolio is valued between $2.44 million and $5.46 million. (Congressional disclosures are given in ranges, not precise amounts.)
Most members of Congress, like many Americans, hold some real estate, a few bonds or bond mutual funds, some individual stocks and a bundle of stock funds. Give or take a few percentage points, a typical Congressional portfolio might have 10% in cash, 10% in bonds or bond funds, 20% in real estate, and 60% in stocks or stock funds.
But Ron Paul’s portfolio isn’t merely different. It’s shockingly different.
Yes, about 21% of Rep. Paul’s holdings are in real estate and roughly 14% in cash. But he owns no bonds or bond funds and has only 0.1% in stock funds. Furthermore, the stock funds that Rep. Paul does own are all “short,” or make bets against, U.S. stocks. One is a “double inverse” fund that, on a daily basis, goes up twice as much as its stock benchmark goes down.
The remainder of Rep. Paul’s portfolio – fully 64% of his assets – is entirely in gold and silver mining stocks.
So the champion of Hard Money (Gold & Silver) has 79% of his portfolio in Paper! Actually some would argue that he has 100% of his portfolio in paper as your paper land title can be compulsorily acquired by the government in exchange for paper/polymer fiat currency.
William Bernstein, an investment manager at Efficient Portfolio Advisors in Eastford, Conn., reviewed Rep. Paul’s portfolio as set out in the annual disclosure statement. Mr. Bernstein says he has never seen such an extreme bet on economic catastrophe. ”This portfolio is a half-step away from a cellar-full of canned goods and nine-millimeter rounds,” ........“this portfolio is at great risk because of its lack of bonds and high exposure to gold"
Oy Vey! - Since when did good Jewish boys start bagging Gold? His grandmother should give him a good spanking and withdraw all chicken soup privileges. Although to cut him some slack he might be just paper pushing for the 'benefit' of the ill-informed Goy.
Read the article in full here (also search the comments for "Tears of the Moon" hehe)
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