Quote:
Originally Posted by slapass
Over the decades it has been a pretty shitty investment with booms and busts versus a long term rise.
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No you misunderstood me. I agree on that and just about every economist will agree with you - gold is a shitty investment. However, it is an excellent "store of value" equivalent to the holding of cash, especially useful in times of inflation or inflation expectations.
I believe gold will continue on an upward path. However, nothing goes up in a straight line - a correction was long overdue.
There still comes a point when I would like to own gold rather than paper which has upon it, written a promise issued by a government which is most likely bankrupt and/or printing large volumes of money, diluting further an already dilute quantity of issued notes as well as diluting the value of the promise. Gold is still money and always will be.