James Richards : Gold はカメレオンだ。


・Gold はコモディティだ、カネだ、安全資産だ、投資対象だ…諸説がある中、James Richards が面白い主張をしている。



Gold is a chameleon. It changes in response to the environment. At times, gold behaves like a commodity. The gold price tracks the ups and downs of commodity indices. At other times, gold is viewed as a safe haven investment. It competes with stocks and bonds for investor attention. And on occasion, gold assumes its role as the most stable long-term form of money the world has ever known.

A real chameleon changes color based on the background on which it rests. When sitting on a dark green leaf, the chameleon appears dark green to hide from predators. When the chameleon hops from the leaf to a tree trunk, it will change from green to brown to maintain its defenses.

ref: Gold Is a Chameleon - The Daily Reckoning - https://dailyreckoning.com/gold-is-a-chameleon/



We’re in the early stages of a similar super-spike that could take gold to $10,000 per ounce or higher. When that happens there will be one important difference between the new super-spike and what happened in 1980.

Back then, you could buy gold at $100, $200, or $500 per ounce and enjoy the ride. In the new super-spike, you may not be able to get any gold at all. You’ll be watching the price go up on TV, but unable to buy any for yourself.

Gold will be in such short supply that only the central banks, giant hedge funds and billionaires will be able to get their hands on any. The mint and your local dealer will be sold out. That physical scarcity will make the price super-spike even more extreme than in 1980.

The time to buy gold is now, before the price spikes and before supplies dry up. The current price decline gives you an ideal opportunity to buy gold at a bargain basement price. It won’t last long.


先日の Gold 価格の急落の理由は margin call(証拠金請求)




Traders and investors were scrambling to liquidate assets to raise capital for margin calls. In other words, they were selling gold to keep afloat. As one analyst told MarketWatch, “Investors are selling anything with a bid and running for cover, and that includes typical hedges like gold.”

We’ve seen this same thing happen before ? in the early stages of the 2008 crash. As the MarketWatch article pointed out, there was a rash of gold-selling as the stock market began to tank in ’08.

ref: What Happened to Gold's Safe-Haven Bid? | SchiffGold.com - https://schiffgold.com/key-gold-news/what-happened-to-golds-safe-haven-bid/


J.P. Morgan : “Gold is money. Everything else is credit.”


・著名人の Gold に関する発言を集めたコンテストの記事だが、タイトルの発言が一番、興味深い。credit は周囲をうまく誘導できさせすれば、いくらでも人工的に作り出せる。だが、Gold はそうはいかない。



“Gold is money. Everything else is credit.” - J.P. Morgan

ref: The Greatest Gold Quotes Of All Time | Zero Hedge - https://www.zerohedge.com/commodities/greatest-gold-quotes-all-time


Simon Black : 過去 20年間で比較すると、Gold は Warren Buffett の収益性を超えている。


It’s worth noting that, even though gold is not a ‘productive asset’, the price of gold over the past 20 years has beaten the stock market, including Warren Buffett.

From September 1999 through September 2009, the S&P 500 returned a solid 229%, including dividends. And the stock price of Buffett’s company (Berkshire Hathaway) is up an astonishing 536% over the same period.

But the price of gold has surpassed even Buffett, returning 591%.

ref: Gold’s long-term gains have even outperformed Warren Buffett… | Sovereign Man - https://www.sovereignman.com/trends/golds-long-term-gains-have-even-outperformed-warren-buffett-25699/


・ソース記事にある "From September 1999 through September 2009" は "From September 1999 through September 2019" の誤記の筈。


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