Full Article: The case for gold in the era of financial virtual reality
By: Michael J. Kosare
“John Locke, the British philosopher whose ideas fuelled the American Revolution, had a theory of knowledge and perception, which I always found annoying. Asked if we have an idea of the substance behind our perceptions, he said we had ‘no such clear idea at all, and therefore signify nothing by the word substance but only an uncertain supposition of we know not what’. The philosophical debate has moved on in the centuries since Locke wrote. But his idea captures well the uneasy state of the world’s financial markets. They are driven in the short run by perceptions, not reality. If many have the wrong impression, markets will move on that. But in the long run, markets move on matters of substance. And at present the economic substance is a ‘something we know not what.'” – John Authers, Financial Times
“Many Wall Street traders are concerned about being replaced by machines in the future, but at one Goldman Sachs Group Inc. unit it’s already happened. ‘Equity trading: 15-20 years ago we had 500 people making markets in stocks. Today we have three,’ Goldman Sachs President David Solomon said Monday at the Milken Institute Global Conference in Beverly Hills, California. Solomon said the introduction of more technology into the trading business has made it more efficient for clients, while also introducing new risks. For Goldman Sachs, it has changed the mix of its workforce, as the bank has 9,000 engineers on staff and more employees are focused on regulation.” – Sonali Basak and Christopher Palmeri, Bloomberg
Full Article: The case for gold in the era of financial virtual reality
By: Michael J. Kosares
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