Tue, Nov 1, 2011
By Matt Nesto | Breakout
Most Americans are familiar with the most famous line in Franklin Delano Roosevelt's first inaugural address during in the depths of the Great Depression in 1933: "The only thing we have to fear is fear itself. " Unfortunately the rest of that long, great speech is largely forgotten, because even the very next line is telling: "Nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance."
That's sort of how Don Hays views gold, as an indicator that's in the way of the next great bull market. It's also why the chairman and chief investment strategist at Hays Advisory wants and expects to see prices fall.
"Gold, pure and simple, is a fear index," says Hays in the attached clip. "People try to paint it with a lot of different colors, but it's a fear index."
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