Apr 16, 2013

MarketWatch's David Weidner on the death of gold

You don’t need to have an advanced degree in economics to understand the fascination with the shiny stuff. Gold is the dummy’s hedge. It’s the purview of old people who are understandably confused by modern investing. It’s the realm of conspiracy theorists who worry about collusion between central banks, hyper-inflation and a new world order.

Of all the investments out there, people feel they understand gold.

Maybe it’s the beauty of the metal, but what really is happening when investors think they have a line on where gold is going to go isn’t that much different from a shell game on a street corner.

Hey, if it looks easy, it must be, right?

Well, on Monday they lifted up the shell and the ball wasn’t there. Today that street corner is empty.

Gold is dead, but suckers are born every minute.

~ David Weidner, MarketWatch, "The day gold died," April 16, 2013

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