Gold, the favored investment of Glenn Beck, Sean Hannity, and the old man at the post office who invited you over to see his industrial-size canned bean supply room, is down for the third straight year.
“Well,” you might be thinking to yourself as you sip an alcohol-infused “cider” drink, “It’s low now—time to buy!” Here is the price of gold over the past 20 years:
Still a lot farther to fall!
If you’re wondering “Why are people paying less for gold these days?” perhaps it would be more instructive to wonder, “Why is anyone paying anything for gold any day?” Stupid worthless rock.
“At least if you buy a house, you can eat it.” -Warren Buffett**
A bet on gold is a bet that your fellow citizens will get more scared, more irrational, and lose touch with the real world to an even greater degree next year. So… not a bad bet.