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Journalist Kenneth Gooding once said that gold is dead as an investment. In a piece published in Financial Times back in 2001, he said that the 1987 stock market crash, the Gulf War, Asia’s financial meltdown had not resulted in higher demand, as one might expect. He said that if these economic meltdowns could push the gold up, nothing will.
And then, in the next 10 years, the precious metal steadily rose in price, eventually hitting a then-record $1,921 an ounce in August 2011, for an increase of approximately 580%.
Fast forward to today, and the same gloomy prognoses are being made about the “barbarous relic” that is gold. It think history will repeat itself.
Consider last month. Gold performed as expected rising 2.56%, following a monster consumer price index or CPI report that showed inflation skyrocketing 6.2%.
As I’ve said before, you shouldn’t expect to get rich investing in gold. It’s not Tesla stock or Bitcoin. Instead, I believe it should be held as a hedge against poor monetary and fiscal policy. This is precisely why nearly every central bank on the planet has gold on its balance sheet.
With the Federal Reserve’s continuous asset purchases despite Jerome Powell’s earlier announcement that the bank would begin tapering this month, everyone can see just how messed up our fiscal policy is.
According to Bloomberg’s Lisa Abramowicz, official holdings now stand at a record $8.58 trillion, or about a third of U.S. gross domestic product GDP.
This, as well as blistering inflation, have prompted buyers to gobble up American Eagle gold coins.
According to the World Gold Council, 2021 coin sales in the U.S. Mint have totaled more than 1 million ounces through the end of October, the greatest amount since 2010. Sales are on track to be the best in over two decades.
Ask yourself, why are millionaires and billionaires flocking to gold. You’ll end up with the same answer – inflation. People are looking for a way to protect themselves.
For over a year now, I’ve been raising questions about the accuracy of the CPI in measuring inflation. I believe that consumer prices are up much higher than is being reported by the Bureau of Labor Statistics.
Inflation is closer to 14% according to an alternative source USGI, BLOOMBERG
With inflation at an approximately 30-year high, I believe it’s only rational and wise to have gold in your portfolio.
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