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Should I buy gold?

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Investing - Investing Articles

Written by Hugh McManus

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No. So, the question was asked: should I buy gold?  Well, look at it this way: when Elizabeth the First reigned, an ounce of gold would buy a man a suit of clothes, a fine pair of shoes and a hearty meal.  Today, with Elizabeth the Second reigning supreme, an ounce of gold permits a man to purchase a suit of clothes, a pair of shoes and a Happy Meal.   (I don't have access to pricing of women's clothing during the first Elizabethan period--sorry!) Gold just about tracks inflation, but only when it has a run up in price.  Gold is, simply put, a terrible investment.  Gold will drop in price; it always does.  It will drop right back down to under $500 an ounce–it's visited that price many, many times before.  When times are uncertain; there are rumors of inflation; currencies weaken; markets do badly: gold climbs again and experts come out of the woodwork proclaiming what a great investment is this precious metal.  In my opinion, gold belongs in your teeth, in electronic circuits, in jewelry or in catalytic converters; it has no place in a serious investment portfolio. < Prev