Word: golds
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There is no question that gold's price run-up is purely speculative. Since the beginning of 2009, the number of outstanding shares in the SPDR Gold Trust (NYSE: GLD), the most popular exchange-traded gold fund, has climbed about 33%. Demand for gold has increased significantly...
...such high prices, gold ceases to have much practical use. There is no theoretical rationale why anyone should even want to invest in it. Gold has value only because we believe it is valuable. It is a collective hallucination. (Read "What Sells in a Recession: Canned Goods and Condoms...
There is something else we use every day that, like gold, has no inherent value: cash. Of course, there's a major difference between gold and cash: unlike the dollar, the nondollar value of gold won't be significantly impacted by the U.S. government - only its price in dollars via the government's impact on the dollar...
...currency explains why gold has not yet made a clear jump above the historic high set a year ago - in U.S. dollars, that is. The dollar has appreciated enormously during the global economic slowdown. All else being equal, this lowers the price of gold for U.S. investors buying with dollars...
Independent of the dollar, gold has actually increased considerably in value. Indeed, the prices of gold in euros, British pounds and Canadian dollars set their record highs, by a large margin...