An alternative to popular faith

I’m not sure why you like gold. It has minimum utility, and it is not backed by any government (unlike the dollar which is backed by the U.S. government). See: Fool’s Gold Or, perhaps you like paying for storage, insurance and shipping, as your generous contribution to the world’s economy. Or maybe you just like the shiny color.

But, for whatever the reasons, if you already own that virtually useless metal, how about owning some useful metals? Copper has a nice color as does nickel. Aluminum can be shiny like silver. You might enjoy them more, and you still would have the pleasure of paying for storage, insurance and shipping, along with an even better hedge against inflation than gold.

Gold up about 180%

Copper up about 1200%

Nickel up about 1500%

Aluminum up about 700%

Gold is a “greater fool” play, and one day someone will point out that the gold emperor has no clothes. Then, the price will drop like a useless gold bar, and the gold bubble will take its rightful place among other those notable bubbles for tulip bulbs, beanie babies and real estate.

Rodger Malcolm Mitchell

No nation can tax itself into prosperity