50 Years Old
The phrase 'Paradigm Shift' just turned 50. The book that coined the phrase and changed the way we view the world from a steady, cumulative progression to a series of revolutionary punctuations (called paradigm shifts) in between periods of relative complacency, was first published this month in 1962.
Coincidentally, something else that also began at the same time as the concept of the 'Paradigm Shift', according to the ECB's own historians, was the road to the euro.
A big THANK YOU to everyone who sent donations for the fourth anniversary of my blog! I have a couple big posts already in the pipeline for you, but due to delays beyond my control I decided to put up this open forum. You can, of course, discuss anything you want, but I came up with the topic thanks to a couple of recent personal encounters with the problem of perception versus reality.
One was the case of a person who is apparently completely unaware that there may be a vast difference between his own subjective perception of a situation and the objective reality, or at least the common perception of everyone else. The other was an encounter with a flaw in my own perception, which I quickly corrected. But don't worry, it had nothing to do with the subject matter of this blog. ;-)
So please feel free to share with us your own experiences with the difference between perception and reality. And any of you who would like to argue that perception is reality, I welcome that too. There's so much information we can take in today—thanks to the internet—that shapes our individual perception. How do you deal with it? Do you aim to take as much input as possible from every possible angle? Or do you believe that the more information, the more you need to filter?
Or if you'd rather just talk about gold, here's a fresh item to kick off the discussion. It's a NY Post article detailing an assessment by veteran analyst for Citigroup, Tom Fitzpatrick, that gold may reach $2,500 by the 1st quarter of next year. Now, although the nominal price is low by our standards, what strikes me as significant is simply the scale and the timing.
That is, to see a mainstream analyst calling for a 50% move within roughly 6 months in a major/global market like gold is pretty robust. And yet it doesn't garner near the sort of attention that a similar scale prediction would rouse were it in another market. I guess reality still has some work to do on public perception.
Gold could hit $2,500: Citi analyst
Gold has had a good summer, rising more than 9 percent, but that move may be just the start, according to a bullish Citi precious metal analyst.
Tom Fitzpatrick believes autumn will be golden in the beginning of a run-up that he says will culminate with the yellow metal hitting $2,500 an ounce in the first quarter of next year. The price now stands at $1,736 an ounce.
In his client note this week, Fitzpatrick compares this upcoming rally to gold’s huge move higher in 2007. The report is based on technical analysis of precious-metals market moves that could cause a six-month gain of more than 60 percent, just like the bull run five years ago…