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If the chart included the the late 70s and the 80s and 90s, it's a totally different picture. One thing I learned as a futures broker in the 70s is never buy commodities, not even as a hedge. I can't tell you how many end of the world fanatics I have encountered over the past 40 years that have a huge portion of their net worth in gold/silver bullion/coins. Had that been in equities instead, they would be vastly richer by an untold amount.
There is a wealthy radio talk show host who has a 3-hour show, broadcast here in the AM. The few times that I have accidentally tuned to that radio channel while in my car, there is ALWAYS a commercial that touts why gold is a great investment for "the terrible times that lie ahead of us." We have a couple of clients who think this entertainer is next to God and who have bought gold bars. I always ask them, "How are you going to convert gold into some kind of currency/cash/whatever when the time comes? Who is going to take it? Are you going to saw off little pieces from the bars? " When I tell them they might not be able to get into their safe deposit box when "the time comes", that means they have to buy a home safe, then another issue arises.
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