I should have known better than to cheat a friend
And waste a chance that I'd been given
--Wham
As always, keen insight from Jim Grant. He argues that the price of gold = 1/T, where T is trust or confidence in the institution of managed (or fiat) currencies.
Is gold in a bubble. Wrong question says JG. The bubble driving gold price is government.com--absurd monetary and fiscal policy. Gold merely reflects merely reflects the absurdity.
Gold is a bet on the disorder produced by government.com
position in gold
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It is particularly odd that economists who profess to be champions of a free-market economy, should go to such twists and turns to avoid facing the plain fact: that gold, that scarce and valuable market-produced metal, has always been, and will continue to be, by far the best money for human society.
~Murray Rothbard, September 1991
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