A Whole Lot Of Uncivilized People Out There...
Charlie Munger: "gold is a great thing to sew onto your garments if you're a Jewish family in Vienna in 1939 but civilized people don't buy gold"
David Einhorn: "I will keep a substantial long exposure to gold -- which serves as a Jelly Donut antidote for my portfolio. While I'd love for our leaders to adopt sensible policies that would reduce the tail risks so that I could sell our gold, one nice thing about gold is that it doesn't even have quarterly conference calls
Kyle Bass: "Buying Gold Is Just Buying A Put Against The Idiocy Of The Political Cycle. It's That Simple!"
and Howard Buffett: "I warn you that politicians of both parties will oppose the restoration of gold, although they may outwardly seemingly favor it. Also those elements here and abroad who are getting rich from the continued American inflation will oppose a return to sound money. There is no more important challenge facing us than the restoration of your freedom to secure gold in exchange for the fruits of your labors."
The uncivilized people have spoken, and the winner is...
And just as importantly, the people have realized that buying ETF-based stock certificate representations of a hard asset held in custody by Cede & Co., which may one day simply vaporitse, may not be the most prudent way of insuring against terminal stupidiy.