June 20, 2021
Markets

The Case for Gold | Gold & Silver Investing Channel

By Jared Dillian

I have been making the investment case for gold since 2005. That was the point that the first physical gold ETF was listed, and I bought some. Then I bought some more, then I bought some more, and now I have it coming out of my ears.

You could skip this note and just read Alan Greenspan’s 1966 essay Gold and Economic Freedom, but his is a little more dense and ideological.

His goes something like this: A Treasury bond is a claim, and as you issue more bonds, eventually you have more claims than assets.

That’s when inflation happens. We are there.

How We Got Here

Gold has been going up, in fits and starts, since the year 2000.

Y2K was a special time in monetary history—interest rates were high and currencies were strong. Financial conditions were tight. And the price of gold dropped below $300 an ounce and stayed there for a while.

I remember listening to the financial…

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