the puke indicator, page-9

Santelli on gold via CNBC:

http://video.cnbc.com/gallery/?video=3000149973&play=1

quotes:

Lesh (not Phil, JR):
"Gold has turned into a security with the evolution of ETFs"

"Paper gold allows a lot of people to participate in this gold market who never would've been in it"

"There's only a few people who really wanna own gold bars. How many coins do you really wanna have?"

"We trade as a currency in gold, trading against other currencies"

"Paper gold took the complication out of investing in gold"

Santelli:
"Doesn't it take the whole point away from owning gold?"

"If you're trading paper, the notion that if the financial world comes to an end, the goldbugs are gonna have the gold. If you're playing an ETF, you're gonna have a piece of paper."

Lesh:
"Yes, because you're not gonna be able to get at that gold after a crisis"

"That's one of the things we're seeing right now, liquidation of this paper asset."