Thanks Phil, very interesting discussion.
Frankly, I preferred the first half to the second, because the second is all that "Buy gold, there's no alternative" stuff which I have heard over and over. I don't agree with it although I'm sure that gold will appreciate over time but certainly not in preference to any other asset. Indeed, possibly other than oil, I do not believe there there is a magic asset which will confer permanent security in any impending financial crisis.
Puplova mentioned gold has outperformed bonds for the past 20 years. That's not true, but in 2002 gold did penetrate the long down resistance line on the gold: bond ratio chart so, since then, and for the first time in 20 years, gold has been a better investment than bonds.
stockcharts.com[w,a]dallynay[dm][pd200,2]
IMO, there will be an energy crisis because the oil companies want one. But the difficulty is the US will be the major victim because it is the greatest energy user. Indeed, and ironically, hoist on its own petard.
I think this piece is worth a second read.
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