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Brett Arends: Why Uncle Sam is hoarding gold
By Brett Arends
MarketWatch.com
Friday, October 4, 2013
Grab any Wall Street trader in a bar, or any portfolio manager in his office, and he's likely to tell you gold is finished.
It’s silly, nothing more than a shiny metal, a substance with little use and little real value, a "barbarous relic," and the stuff of nothing more than superstition. Only a fool would own any gold in his portfolio. Right?
After all, its value has plunged by $500 an ounce in the past year, and $100 just in the past month. Gold hasn't even rallied during the budget crisis: So much for its "safe haven" status.
There is just one nagging problem with this story line. One group of people disagrees. And I am not talking about wacko gold bugs in Arizona ("the ex-husband state") with tinfoil on their heads.
I am talking about the people running the United States Treasury. They remain firm believers in gold. Big-time.
... For the full commentary:
http://www.marketwatch.com/story/why-uncle-sam-is-hoarding-gold-2013-10-04
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