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.
The fields from Islington to Marybone, To Primrose Hill and Saint John's Wood, Were builded over with pillars of gold; And there Jerusalem's pillars stood.
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.
Along the avenue of cypresses,
All in their scarlet cloaks and surplices
Of linen, go the chanting choristers,
The priests in gold and black, the villagers. . . .
All the manifested world of things and beings are projected by imagination upon the substratum which is the Eternal All-pervading Vishnu, whose nature is Existence-Intelligence; just as the different ornaments are all made out of the same gold.
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.
Then wear the gold hat, if that will move her; If you can bounce high, bounce for her too, Till she cry "Lover, gold-hatted, high-bouncing lover, I must have you!
Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.