Here we were, all these years, nibbling around the edges, coyly alluding to dysfunction of central bank price-fixing and hinting at gold’s utility in monetary affairs, but only at the edges, for outright gold buggery is, frankly, not exactly good for business. Then, out of nowhere, comes Pimco to put us to utter shame. A very good piece by Harley Bassman earlier this month likens current monetary policies, in terms of both efficacy and decorum, to a wet t-shirt contest in Daytona. The massive flow of liquidity into bonds and banks and financial assets may improve the appearance of certain things, but this is more optics than substance. He then goes on to suggest that the Fed use its infinite balance sheet instead to buy gold because, well, gold is money.