Gold stocks are taking a drubbing, as are most of the other classic inflation hedges. Why? Because inflation fears have abated. The deflationist view of the world is the one that now prevails. That’s why 10-year Treasury yields have dropped all the way down to 3.35% from a high of 3.95% one month ago.

After passing much of 2008 standing thankfully on the sidelines, we believe that with current valuations, opportunities have returned for putting capital back into long-term positions in emerging markets.

Luckily, I had been transferring lots of money from the operating account at the bank into cash in the office safe in case of some kind of emergency. And sure enough, here’s an emergency! Who says I don’t know how to plan ahead? Hahaha!

Gold and oil both traded down about 2.5% overnight in New York. The Fed is meeting in Washington, D.C. We’ll know soon what, if anything, it plans to do. But does it really matter?

The end of the “superboom” in asset prices has finally arrived, says billionaire investor George Soros.

According to a report in The Daily Telegraph, “Speaking on a BBC documentary, Mr Soros said that at the heart of the financial crisis was the culmination of a 60-year-old boom in leverage, the result of which will be a far deeper downturn than many expect.”

Read on at Telegraph.co.uk.