Gold drops 25% !  

Goldbugs are taking a bit of a beating lately from the likes of Alan Kohler and Michael Pascoe - the SMH has the latest installment - Gold drops 25%!. I suspect they have been driven mad by reading The Daily Reckoning too often (or perhaps by being harrassed by its adherents) with its endless pumping of the value of gold (long term price trends to the contrary).

Yes, that's correct. Despite all the headlines about gold closing at a record high over the weekend, it's actually down 25 per cent. All the yellow metal has done lately is recover a touch to be back where it was in November last year.

So much for the rampant gold bugs wetting themselves about chart levels and such, never mind the overtime being worked in the mini-industry that exists around promoting gold.