Man Bites Dog

We have to admit that the hyperinflation argument, if nothing else, has tremendous mediatic appeal. After all, has anyone ever seen a headline that reads:

Bread Prices Drop - Rioting Reported

And we never will.

Apocalypsists*, faced with the inevitable monotony of deflationary recession, find themselves reduced to citing evidence such as this in order to maintain their blog readership. Touting the hyperinflation thesis, the piece was penned on behalf of a mutual fund manager that exclusively sells currency diversification to U.S. investors. Thank you. Next witness please take the stand.

Gold is starting to be a mightily appealing short at $930. Target? Somewhere south of 700, say.

*Among the other seeds of discord sown recently by Tyler Durden to keep that comment box rocking stands out the tantalizingly June 23rd "Morning News Recap" headline: 'Greece vehemently denies rumors it may drop EURO'. No attribution and no link to any source. As unsurprising as the fact that no Google news search that we can think up can find mention of it anywhere is the consequent 15 bps tightening of the Greek 10-year yield to that of the bund.

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