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August 6, 2018 | Gold’s Big Day, but Only in Iran

Rick Ackerman

Rick Ackerman is the editor of Rick’s Picks, an online service geared to traders of stocks, options, index futures and commodities. His detailed trading strategies have appeared since the early 1990s in Black Box Forecasts, a newsletter he founded that originally was geared to professional option traders. Barron’s once labeled him an “intrepid trader” in a headline that alluded to his key role in solving a notorious pill-tampering case. He received a $200,000 reward when a conviction resulted, and the story was retold on TV’s FBI: The Untold Story. His professional background includes 12 years as a market maker in the pits of the Pacific Coast Exchange, three as an investigator with renowned San Francisco private eye Hal Lipset, seven as a reporter and newspaper editor, three as a columnist for the Sunday San Francisco Examiner, and two decades as a contributor to publications ranging from Barron’s to The Antiquarian Bookman to Fleet Street Letter and Utne Reader.

With renewed U.S. economic sanctions against Iran slated to take effect on Tuesday, Iranians were panicking to exchange rials for gold. The buying frenzy had no discernible effect on the dollar price of gold, which sold off moderately in U.S. markets. You’d have to be an old-timer to recall a day when gold’s price could be pushed one way or the other by geopolitical events.  Nowadays, even financial mayhem in some troubled corner of the world appears to have no impact whatsoever on bullion. Has ‘flight to safety’ come to mean shifting one’s cash into Amazon shares? Sometimes it seems that way. Whereas T-Bonds and T-Notes have their ups and downs, AMZN charges relentlessly higher on most days, providing investors with the kind of returns that have made safety an afterthought. Interesting times, for sure, and not just a little bit wacky.

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August 6th, 2018

Posted In: Rick's Picks

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