Number 5: You can now sell your gold . . . at the mall. That's almost as bad as when the banks were giving mortgages for $750,000 homes to migrant workers making $17,000 a year.
Number 4: George Soros called gold, "The ultimate asset bubble" and began reducing his position in it last year.
Number 3: Gold's historical return is actually close to 0, believe it or not. It's price always goes up during economic crises, and then deflates. As the economic outlook continues to improve, look for the price of gold to start declining.
Number 2: Dubai now has gold-dispensing ATMs. They also have an indoor ski slope . . . in the desert. If anybody symbolizes profligacy, it's Dubai.
Number 1: Just ask Warren Buffett: "You could take all the gold that's ever been mined, and it would fill a cube 67 feet in each direction. For what that's worth at current gold prices, you could buy all -- not some -- all of the farmland in the United States. Plus, you could buy 10 ExxonMobils, plus have $1 trillion of walking-around money. Or you could have a big cube of metal. Which would you take?"
Note: We will occasionally swing trade gold. But we would never consider it as a long term investment.
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