Some excellent and funny pointers from Bill Fleckenstein to discern when the gold trade is getting too crowded and when you should consider bailing out of your position.
- When Goldman Sachs has a "bus tour" to a bunch of mines (like the ones that it and other firms arrange for different industries, particularly the technology industry).
- We see ads on Bubblevision (CNBC) encouraging people to buy gold, as opposed to prodding them to sell their jewelry, as is the case today.
- The banks find a way to put money into gold -- because no modern mania has ever ended without the banks finding a way to lose money in it.
- We see a frenzy of mergers and acquisitions, and an LBO or two.
- Lastly, BusinessWeek puts gold on the cover, telling us how it's the wave of the future, or some variation of that theme.
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