We are heading for three nice round numbers – the euro at $1.50, gold at $1000 and oil at $100. Yesterday, the financial markets took a giant step in that direction, with the euro going above $1.44, gold just under $800, and oil at $93.
For all their supposed sophistication, I think it’s a sign of the widespread adolescent personalities in the financial markets that round numbers assume such false significance. Although it can be pleasing. It isn’t that many years ago that we almost had a lovely convergence of €1 = $1 = ¥100.