We asked the question earlier this week: Is it ever appropriate for the government to dabble in social engineering?
Here’s a sample of your opinions…
“The government’s role is to work within the Constitution. Exactly where is social engineering in the Constitution?”
And this: “Marx and Mao were experts on social engineering.”
Our final contributor says: “The topic of ‘social engineering’ was fresh on my mind…
“… after seeing a news story to the effect that 11,000 scientists signed off on the idea that the global population must decrease in order to save the planet.
“Not a decrease in growth rate, mind you, but a decrease in the actual number of humans.
“Whoa! Did the 11,000 scientists not realize that population growth rates are decreasing in Western countries and there are demographic disasters already in the making for Germany, Russia, Japan and a few others?
“So what they are recommending amounts to genocide… This strikes me as extreme social engineering. God help us.”
Recommended viewing over the weekend — Hitchcock’s movie Lifeboat.
Your Rundown for Friday, November 8, 2019:
Bear-ish Gold… Maybe
Are you “pearl-clutching” over the price of gold?
To be sure, gold’s down significantly this week; understandable, too, in light of a rallying stock market with the Dow, most notably, reaching a record-setting apex yesterday.
Looking at the chart below, you can see the price of gold is down about $30 per ounce this morning from Wednesday’s closing price.
Kitco reports: “Prices are in a two-month-old downtrend… and have seen a bearish downside ‘breakout’ from the recent sideways trading range, to suggest still.. more price pressure in the near term.”
According to Kitco, the chance gold enters a bear market is slightly more probable than the yellow metal rebounding into bull territory (above $1,500 per ounce).
But we wouldn’t count gold out just yet.
President Trump essentially told the American people “you’re welcome” for the Dow’s dizzying highs yesterday, propelled as the market was by a supposed trade-war detente with China.
This morning? Countermanded tariffs don’t seem like such a sure thing. Will more trade war scuttlebut juke the markets… again? (We think you know the answer to that.)
We’ve said it before — and it bears repeating — smart investors don’t own gold as an investment vehicle, they own gold for its safe-haven status, regardless of price action.
In fact, when gold’s looking bearish, it’s time to buy.
Market Rundown for Fri. Nov. 8, 2019
S&P 500 futures are down 3 points to 3,083.
Oil is down 81 cents to $56.34 for a barrel of West Texas crude.
Gold’s down $5.70 to $1,460.70 per ounce.
Bitcoin is down $351.74 to $8,909.65.
Have a great weekend. We’ll catch up Monday.
For the Rundown,