The major asset in this category is gold, currently a huge favorite of investors who fear almost all other assets, especially paper money (of whose value, as noted, they are right to be fearful). Gold, however, has two significant shortcomings, being neither of much use nor procreative. True, gold has some industrial and decorative utility, but the demand for these purposes is both limited and incapable of soaking up new production. Meanwhile, if you own one ounce of gold for an eternity, you will still own one ounce at its end.
To lese-majeste and contempt of court, we must add the crime of lese-million, that fearful indignity we visit on the rich when we expose the impotence of gold.
What motivates most gold purchasers is their belief that the ranks of the fearful will grow ... As 'bandwagon' investors join any party, they create their own truth - for a while.
These joys were so trifling as to be as imperceptible as grains of gold among the sand, and in moments of depression she saw nothing but the sand; yet there were brighter moments when she felt nothing but joy, saw nothing but the gold.
We have made it possible, without gold and without foreign exchange, to maintain the value of the German mark. Behind the German mark stands the German capacity for work, while some foreign countries, suffocated by gold, have been compelled to devalue their currencies.
Eventually we grow weary of seeking treasures outside
ourselves and we begin to look within. There we discover
that the gold we sought, we already are.