Our Magic 8 Ball Forecast (from the Wall Street Journal)
Another example of the failure of EXPERTS to predict the future.
The Magic 8 Ball I use for my annual economic forecast must have had a few bubbles in it last year.
In the forecast I published Jan. 1, my trusty plastic oracle from Mattel predicted gold would eclipse $2,000 an ounce in 2012.
Gold hit a peak of $1,920.60 in September 2011 and never returned to that level in 2012. It’s ending the year in the $1,650-$1,670 range, despite unprecedented currency debasement by central banks around the world. Clearly, there are economic forces at work that no one, not even my 8 Ball, can understand. Or maybe I just shook it too much.