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Brett Arends: Gold should be dead but somehow it's still adding value
By Brett Arends
MarketWatch, New York
Friday, July 14, 2023
Why isn't gold dead yet?
It hasn't served a vital economic function since the government stopped treating it as money back in 1971. Actually, you could argue it stopped being necessary long before that.
... Dispatch continues below ...
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Yes, some people prefer it in jewelry. It is used in some technological equipment, and sometimes, still, in dentistry. But so what? According to authoritative data from the World Gold Council, even all those uses only account for about half of the world's supply each year. Logically, this should mean that there is a gigantic glut of gold and that its price would be in free fall.
But it isn't.
Gold is beating U.S. stocks and bonds this month. And this isn't even a rarity. I've run some numbers and have found a couple of things that could be very important to retirees, and for all of us suckers saving for retirement.
Even though, according to traditional financial theory, they really make no sense at all. ...
... For the remainder of the commentary:
https://www.marketwatch.com/story/gold-should-be-dead-but-somehow-its-still-adding-value-b290693b
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