Dallas Fed Chief investing in Gold?

This "Saturday Musing" by Steve Clemmons struck me. I really didn't realize that things were this bad two years ago!

2. I should have bought gold. Gold passed $727 an ounce on Friday. Richard Fisher, who previously ran for the Senate in Texas and then served as Deputy US Trade Representative in the Clinton administration, is now President & CEO of the Federal Reserve Board of Dallas. Two years ago, Fisher told a small group that he was putting a big chunk of his considerable wealth into gold. When a guy who is a regional Fed Board chairman elects to abandon the dollar and other securities for gold, we should listen have listened.

Here is a guy who is at the very center of the Federal Reserve who is anticipating that the dollar is such a poor investment that no reasonale rate of return kept him in dollar-dominated investments. Instead he recommended placing wealth into Gold to protect it.

May 16, 2006 at 10:38 AM Mew York Time the price of gold was $688.50. It was about $520 on January 1, 2006. The recent increase in interest rates will probably prevent inflation, but it has already begun to take the steam out of the Housing Bubble. But the big problem is the fact that the world economy has been falsely inflated through the issuance of U.S. government bonds which the Petroleum countries and Asian countries (especially China, Japan and South Korea) have bought in order to fund the purchase of their exports.

Anyone really think that this financing on depbt that cannot be paid will go on forever? Here is one man's view of the situation:

The Dollar Crisis: Causes, Consquences, Cures

So, two years ago the Dallas Federal Reserve Chief was investing in Gold. Today gold is way up in price. Why do I have the feeling that I am watching a horror show that unfolds rather slowly?