GOLD suffered its biggest two-day fall in 30 years on April 12th and 15th. When an asset falls so sharply in price, it is tempting to believe that significant…
My favorite part is at the end where libertarians get mad. “Gold, having no yield or earnings, is hard to value. That was a help when the price was rising, since the sky seemed to be the limit. But now that the metal is falling, the lack of valuation support is a curse. Like the government-backed paper money that gold bugs despise, gold is precious only so long as enough people agree that it is.”
