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Even against a perfect macro backdrop for Gold is still suffers.  Divide spot gold by M2 the last 10, 20, 30 years and the picture is quite horrific. 

As I have always said - despite being thought of as a hard asset, it is NOT!

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Anonymous

Great chart!

Anonymous

Gold has been used as a stable currency for over 4,000 years; in the Roman era one ounce of gold could buy you a nice toga, belt, and sandals; you can currently buy a nice man's suit with the same. It has worldwide value during stable times, but it's even more importantly during unstable crisis. Gold will likely continue to hold value long after everyone of us is long gone and therefore everyone should allocate a small % of this uncorrolated asset in their portfolio, right along with bitcoin of course. Gold requires a long time preference