People are partying like it’s 1999. That’s when the Dow first crossed 10,000. We’ll let’s all hit the dance floor and do the timewarp again while we pretend we’re 10 years younger.
Unfortunately, we’re not. Thus, the Dow conquering 10,000 is more like a crippled Hulk Hogan coming out of retirement: it sounds great in a vacuum, but it’s a sad state of affairs when we look behind the ticker tape.
Tyler Durden splashes ice-cold water on our faces by noting that Dow 10,000 in 2009 is really equal to Dow 7,537 when we account for the 25% crash in the US Dollar:
Moreover, if we index the Dow against gold, the Dow is worth about 65% less than in 1999:
Looks like all those paranoid gold bugs are laughing all the way to the bank …
(Hat Tip: Zero Hedge)
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