To purchase gold isn’t much different from hiding money in the proverbial coffee can. Yes, rising gold signals a little or a lot of economic decline.
The yellow metal’s upward trajectory in dollars brings to mind a weekly gathering of old at Caltech. Professors wouldn’t talk about the experiments that worked, rather they’d revel in the ones that didn’t. That failed. As Caltech professor Carver Mead put it to George Gilder about those meetings of advanced minds, if all of your experiments work out as expected or desired, “you haven’t learned anything.” Yes, it’s like buying gold…
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John Tamny is Founder and President of the Parkview Institute, editor of RealClearMarkets, senior fellow at the Market Institute, and Senior Economic Adviser to mutual fund firm Applied Finance Group. Tamny is the author of eight books. His latest is The Deficit Delusion: Why Everything Left, Right and Supply-Side Tell You About the National Debt Is Wrong. His others are Bringing Adam Smith Into the American Home: A Case Against Home Ownership, The Money Confusion, When Politicians Panicked: The New Coronavirus, Expert Opinion, and a Tragic Lapse of Reason, Popular Economics, Who Needs the Fed?, The End of Work, and They're Both Wrong: A Policy Guide for America's Frustrated Independent Thinkers.
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