$10,000 Gold?
Now that gold has crossed the magic $1,000 barrier, some investors evidently believe that, like the stock market when the Dow Jones index hit 1,000, the price can increase ten-fold. What was true for the alchemists of yore remains true today: gold and reason are often difficult to reconcile.
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SAN FRANCISCO – It has never been easy to have a rational conversation about the value of gold. Lately, with gold prices up more than 300% over the last decade, it is harder than ever. Just last December, fellow economists Martin Feldstein and Nouriel Roubini each penned op-eds bravely questioning bullish market sentiment, sensibly pointing out gold’s risks.