Morning Must-Read: Mark Dow: The Second Wave of the Bubble Unwind is Upon Us

…Post-crisis monetary policy then turbo-charged it, as people feared rapid inflation, renewed systemic crisis, a dollar crash, and bond vigilantes. Macro tourists lined up to pile in. Big name guys wearing money halos. ETFs and electronic futures trading for the masses poured the gasoline. In short, they built a bubble. A bubble replete with charlatans hawking it on every medium…. The irony of the precious metals bubble is that it was the guys yelling ‘bubble’, bubbles of every stripe—bond, stock, credit—who sought refuge in the only asset class that was truly in a bubble. In other words, the fear of bubbles created its own bubble, trapping the bubblers. Karma really is running over dogma…. When I’m asked how far do I think gold can ultimately fall, my answer is I don’t know…. The statute of limitations on ‘not wrong, just early’ ran out a long time ago. By the time this is over only Peter Schiff, Zerohedge and Jim Grant will be waving their arms…