A Gold Skeptic Lets Loose

The skeptic is Martin T. Solsnoff, and his argument against gold might as well have come from the 1960s. I half-expected him to use the now-fustian phrase "bond bores," as he quite clearly believes that stocks represent the best investment alternative. His gold-bashing serves as bookends for his stock recommendations.


The man's been quite a success, and that tells you something. People who achieve great success in their field tend to swim with the mainstream and stick with it. Mainstream-changing, or taking seriously the perhaps-fustian promises of higher education in the thinking department, isn't conducive to career success. To put it in street terms, you gotta sing the tune.


Of course, goldbugs have their own tune and their own mainstream. Libertarian-oriented, quasi-academic, at least friendly with the Austrian School of economics, at least tolerant of conspiracy theories, cynical about governments and their effectiveness. That's the tune for gold investors, and even a gold-mining CEO content with a unionized labor force has to roll with it.

This Seeking Alpha piece by goldbug John Browne provides a counterpoint to Mr. Solsnoff's aversion to gold and the gold standard. Mr. Browne, I believe I should add, is a former U.K. MP.