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Gold: What if we had an Inflation Party, but Nobody Came?
Conventional wisdom (or is it a firmly-rooted popular misconception?) holds that Gold is the ultimate inflation hedge. Today’s consumer is convinced that inflation is here, because he winces at the gasoline pump and his wife tells him that food prices are increasing steadily. (Well, certainly the prices of any food products which contain corn are going up, because of the demand for tax-subsidized corn as a result of the demand for tax-subsidized ethanol, so we effectively pay for the food more than once at the checkout counter and poor farmers overseas can’t compete – and therefore they are rendered poorer…
7Feb2008 | William Kurtz | Comments Off | Continued
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