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I will be very blunt: I despise gold and everything it stands for.
It's an abhorrent example of materialism and serves no real purpose. Lust for gold is over the top excess, and despite the protestations of the goldbugs, there is no real basis for the metal serving the currency needs of the world.
The fear mongers will have you believe that the world is collapsing and that inflation has run amok. As a result, the only real currency out there is gold. Given that gold is in finite supply, it should be bought and hoarded . . . or so the theory goes. Gold is the only thing that you can count on.
What hogwash -- there is no place for gold on the global financial stage.
Reason #1: There is no inflation.
Reason #2: Gold prices are easily manipulated.
Reason #3: Gold is in limited supply.
Reason #4: Gold was dead for 20 years.
Reason #5: The dollar is the global currency.
Jamie Dlugosch is a contributor to InvestorPlace.com.
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Reader Comments (Page 4 of 4)
4-20-2009 @ 11:11AM
Duke said...
Good thought. There are vultures out there exploiting fears in this recession. I remember Bunky Hunt trying to corner the silver market in the last deep recession in the 80's. Gold was the same hot item back then than it is now too. Some folks will not take gold in payment for food they may sell in a calamity that would shred our society. You can eat gold but it is not that nutritious.
4-20-2009 @ 1:13AM
Jack said...
No doubt this guys mname so closely resembles douche, recent graduate from some offshore college bag.
4-20-2009 @ 6:38AM
Peter Frank Santovito said...
Who might you be? Your opinion is weak at best. You make a statement like there is NO INFLATION!?! What world do you live in?... Why would you think 'paper money' is more valuable than Gold?
Trillion dollar debt(s)...banks failing, real estate values, unemployment at 10 year highs, wars, world tensions...need I say more? I have news for you, not only is Gold manipulated but so is currency,commodities,our Government and the leaders of this world. My answer? Trust in Jesus Christ.
4-22-2009 @ 7:33PM
ck0194 said...
What a TOTAL moron.
Did you take history in school?
Why do you think the USA is now God and its little pieces of paper and ink are worth anything?
Moses used gold.
Jesus used gold.
Queen Victoria used gold.
The Kings of the world used gold.
I use gold on a VISA card, every day. www.goldmoney.com
We can't wipe history away as if it is gum on our shoe. Fiat currency is just a way of stealing the public blind. And nothing lasts but land, and gold.
6-23-2009 @ 6:27PM
Mike said...
Of course Gold is a bad investment -- always has been, unless you get lucky and happen to catch a low -- then actually sell it. Which for 99% of the population is doubtful. Since most Gold is bought at highs out of fear.
Since 1980 to present a negative return of more than 1.5% per year. All the idiots on this page pumping Gold do not adjust the "investment" to inflation. Yes Gold is not a inflation hedge. It pays no dividends and if bought as a coin or bar is costly to sell - yes, commission to a salesman. So its hard to argue with undisputable facts -- Gold is a fear buy -- thats all. Suppy and Demand do not exist with Gold -- there is plenty to go around. Its a speculative investment at best -- I'm going out to dinner now, better bring my Gold Bars to pay for it -- oops.. Gold is not a currency -- silly me.