“The same is true for gold, another refuge for cowardly capital. Buying gold amid a financial crisis means paying a premium amid a panic. What happens when that panic recedes? Your gold is worth less….” writes Investor’s Business Daily.

Comment:

Maybe so. Maybe not. But who is saying this? Investor’s Business Daily, which is in the business of selling stocks. Naturally, it wants you liquid and ready to jump in and buy. I’d like to go back and check what it was saying in June or July this year…

Meanwhile, President Bush will be addressing the market panic from the Rose Garden this morning. And the G-7 meet today to consider government guarantees of interbank lending.

The IMF has activated an emergency financial mechanism to help, says Dominique Strauss-Kahn, IMF chief, who has the ear of Hank Paulson.

And Robert Zoellick, World Bank chief (also an ex-Goldman Sachs man and formerly US trade rep) says poor countries will be hit hard. Maybe G-Sax should sell them some more junk bonds to help them out.