Monday, 8 December 2008
Gold
Over at Bearwatch, they are having a go at me for the piece I wrote in The Spectator about gold. The graph shows the performance of the gold price over the since 2005. But you can prove anything with a chart. That was a commodity bull market, when the price of copper, wheat, oil etc soared. Over thirty years gold has done nothing - which is precisely the point I was making.
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3 comments:
Hi Matt
It was a little tease, because like you I kept looking at the price in dollars, whereas for British buyers it's been a brilliant hedge recently.
Best wishes - Sackerson
Well, that's a fair point. The again you could have just bought Treasury bills and picked up 1% interest as well.
US Treasuries? When the US economy will melt down next year, if Marc Faber's prediction turns out to be correct? Or British Treasuries, just as they could be about to lose their AAA rating?
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