Gold: the World’s Safe Haven!

By now, just about everyone we know has learned to view the mainstream press through skeptical side eyes.  So, today’s message is very short.

Here’s the front page of the financial section of the Wall Street Journal two and a half years ago.  Gold was $1,678 at the time that “the world’s leading business publication” announced that the undisputed preferred money of the ages and around the world had somehow managed to lose it’s safe haven status.

As we write this, gold is quoted at $3,019.  In other words gold is up 79 percent in 30 months.  Pretty good for an investment that has lost its safe haven status.

Meanwhile, the stock market is, in the Journal’s word, a “mess.”  As for the bond market, the ten-year US treasury yield is up more than 200 basis points since the article was published.  Ouch!

If you’re not skeptical enough about the financial press consider this:  When gold was only $1,150 an ounce in 2015, someone wrote disparagingly in the Wall Street Journal that gold was nothing by a “a pet rock.”

Gold investors have had a good laugh about that ever since!