Gold

I almost feel bad for the gold bugs. Don't they know they're riding high on a commodities bubbles fueled by Chinese stockpiling? Once the market discounts the inevitable Chinese pullback from minerals, gold will take a major hit.

So many of the gold bugs are buoyed not by market fundamentals, but by market principles. They mistake their politics for the way of the world. Sorry, fellas, they ain't gonna end the Fed. They ain't gonna go back to the gold standard. And, eventually, the hyperinflationary threat will be quashed and the dollar will find footing because America's capital markets will still be attractive.

Yes, I know, I've been saying it myself: the dollar will lose strength against most currencies. So what? Could be worse. Wait til the commodities bubble really bursts, then you'll see a lot more currency pain.