When real interest rates are negative resources are  misallocated and we pay dearly in the future.   This was the case during the housing bubble when Playboy bunnies were forsaking their careers to pursue the real estate gold rush (see here).   Now, according to Agora Financial,  the front page of Germany’s top selling newspaper, Bild,   “has forsaken its usual topless model in favor of gold bars… which the paper is giving away all day.”   This kind of makes you wanna sell.   Naw….we’ll let the market tell us when its time not the magazine cover indicator. 

The headline reads,   “100 Ingots to Win: Today You Can Get Gold With Bild”

(click here if cover is not observable)