Friday, May 7, 2010

Gold Rates Mention In Time Magazine

And a surprisingly balanced one. Although he drifts into the mainstream narrative regarding gold, about how fiat money has been a blessing and how goldbugs are alienated, David von Drehle makes an eye-opening admission at the beginning of it:
One particularly grim day in the middle of the financial collapse, as the value of my retirement account plummeted like Wile E. Coyote off a cliff, my brother asked me if I had considered buying gold. Without thinking, I said, "I'm not quite ready to dig a bunker in the backyard." Which was a silly thing to say about a perfectly reasonable investment, one that has appealed to figures as diverse as Cleopatra, King Midas, the Rothschilds and the villain in Goldfinger.

Although he doesn't explicitly say so, it sounds like von Drehle regrets having thought of gold in such terms because doing so made him miss out on its run. I wonder how representative that (possible) regret is...

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