One to bookmark and shove in his face when gold is $5000. From
Gold fever looks incurable by Alan Kohler:
But underlying demand is weak and getting weaker, and supply is on the rise – big time.
Gold is the commodity of craziness.
... gold investors are that unique breed of incurable optimists who don’t want to be paid any income on their capital
... it is not a currency. I can’t go into JB Hi-Fi with a lump of it and buy a TV.
It’s just a commodity they [central banks] got stuck with because it used to be a currency a long time ago and will never be again.
So gold is also the commodity of confusion: is it an investment safe haven or just a commodity? Answer: it’s whatever everyone thinks it is, and right now it’s a haven.