At every recorded price, there is an exchange. For every buyer, there is a seller. Gold has a price. Someone is buying gold. Why? There are several possibilities. (1) He thinks the price of gold has not yet peaked. (2) He thinks he has no better use for his capital. (3) It isn’t his gold; he’s buying it on behalf of someone else. If “someone else” is the electorate, then the buyer can do what he wants. Voters have no meaningful understanding of gold. In this respect, they are a lot like University of Chicago economists. Who are the major … Continue reading Gold or Greenspan