Another Bad Year for Gold Bugs

Another Bad Year for Gold Bugs

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.

Since peaking at “So many crazy fearful people” levels in 2011, the price of gold has fallen by 45%, including a 10% decline in 2015. Here is the price of a kilo of gold over the past five years:

Another Bad Year for Gold Bugs

“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:

Another Bad Year for Gold Bugs

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.

**Unverified

[Photo: Flickr]

Another Bad Year for Gold Bugs.