http://gata.org/node/9885
“… There are problems with gold that make it very hard to buy with confidence. Gold is volatile. Nobody knows what it’s worth. I keep asking gold bugs for a sensible valuation, and they can’t tell me. And you can forget all the superstition. Despite what the true believers say, gold is no more ‘true’ money or ‘real’ money than anything else. As it generates no income, the gold market is effectively a Ponzi scheme. Your returns come entirely from the next buyer in line.”
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