When Gold Does Well, the Economy Does Poorly

Running a leveraged hedge fund with a long position in gold has not been a lot of fun lately.  The price of gold closed in New York at $1,225.20/oz on Wednesday.  This was down by 4.1% on the day, lower by 18.6% year-to-date, and down by more than 35% from gold’s peak on September 6, 2011.

I have never owned gold.  For years, people have asked me if gold is a good investment.  My answer has always been the same: “It had better not be.”

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