Joe Kernan looked like he had bitten in to a lemon when he was talking about Jim Rickards coming on CNBC yesterday morning. Joe mentioned that last time Rickards was on, he talked about $5,000 gold. Kernan said "At the time I was wondering what he was smoking, but now...". Becky Q asked if he was having second thoughts about that and Kernan offered up this searingly insightful analysis:
"I don't know...it's just a little coin."
You got that right, Joe. Gold...is...money.
Here is a link to the segment where Rickards does the math for Joe: Jim Rickards on CNBC