One of my central theses (as opposed to one of GM's ventral faeces, which is another matter entirely) is that in an inflationary environment, gold is really just not that great a hedge. Currently, I own no gold (paper or solid), and I make no apology for that: it's neither (a) necessary, nor (b) profitable. Shoot me.
I don't really enjoy philosophical debates about gold emerging as the new real money, or it being liberated from its chains to enrich a few sharp billionaires and web-obsessed PM market followers. It's not that I'm utterly humourless - oh no - I enjoy spluttering into my tea at the latest silver fiction splurged out onto the silverogosphere as much as anyone, and I like to think of myself now as some sort of connoisseur. It's just that when it comes to gold, the level of debate is just so... how can I put this?... so, un-rock and roll. It's a bit of wealth protection here, a bit of cheat the gubbernment there; a bit of inflation hedge here, a bit of doomsday over there. I just can't grind with that kind of solipsistic navel gazing: Louis has just given me my pocket money, and I want to make it worth more - now!
