“Staatshaushalte sind weder risikolos noch unbeschränkt. Diese Erkenntnis ist Thema der gegenwärtigen Krise.”

Konrad Hummler, Wegelin & Co., Anlagekommentar Nr. 278

“We didn’t get the organic growth in the economy that the Keynesians promised. Where ist that multiplier effect? It actually seemed to be a negative number, which Austrian economics suggested it would be. Score one for von Mises and Hayek.”

John Mauldin, Thoughts from the Frontline, 9.5.2011

“Unglücklicherweise hat Brüssel aus der Schuldenkrise einer Anzahl von Euro-Ländern eine Schicksalsfrage für den Bestand der Union gemacht. (…) Dieses Junktim ist hoch riskant. Ob die ‘Übung’ gelingen wird, ist nämlich noch alles andere als gewiss.”

Konrad Hummler, Wegelin & Co., Anlagekommentar Nr. 275, 21. März 2011

“It takes at least 12 months (or longer) for monetary policy to work its way into the economy. The current small rise in inflation is not due to QE2. It appears to me the deflation war, at least for the time being, is won. It’s time for the Fed to declare victory and go home. “

John Mauldin, Thoughts from the Frontline, 19. Februar 2011

“Die Währungsturbulenzen der letzten Monate kommen nicht von ungefähr. Die Welt beginnt am Geld zu zweifeln, wie sie vor drei Jahren bezüglich amerikanischem Immobilienmarkt, vor zweieinhalb Jahren bezüglich Bankbilanzen, vor knapp einem Jahr bezüglich Bonität europäischer Länder zu zweifeln begann.”

Konrad Hummler, Wegelin & Co., Anlagekommentar Nr. 274, 24. Januar 2011

“I think not owning gold is a form of insanity. It may even show unhealthy masochistic tendencies which might need medical attention.“

Robin Griffiths, Cazenove Capital, 10. Januar 2011 (CNBC)

“There is historical precedent. In the late ’70s and early ’80s, US banks figured out that if you bought bonds from South American countries at high rates of interest and applied a little leverage, you could practically mint money. And everyone knew that sovereign countries would not default. That is, until they did.”

John Mauldin, Thoughts from the Frontline, 19.12.2010

“Big bull markets tend to end amid extreme speculation. We have not yet seen this kind of action in gold. The majority of Americans don’t own an ounce of gold. Most Americans have never even seen an actual gold coin. Americans read about “new record highs” in gold, and their reaction is that “gold is in a bubble.” They read the warnings of know-nothing gold detractors, and they believe that gold is too speculative and “too bubbly” for them to even think about buying into the gold or silver markets.“

Richard Russel, Dow Theory Letters, 9.11.2010

“Question: So what do you do if you traded out of your gold position? Answer: Grit your teeth or wait for the next big correction. Hey, remember, I told you not to trade gold — this is a bull market. Like boxing, one mistake and you’re out.“

Richard Russel, Dow Theory Letters, 31.10.2010

“Gold was seriously overbought and was attracting far too much amateur attention. Finally, gold did correct, and I expect gold now to consolidate and digest its gains. It would be highly bullish if Dec. gold can stay above 1300 on a closing basis.“

Richard Russel, Dow Theory Letters, 26.10.2010