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No matter what one’s individual investment perspective may be, it is difficult to argue that the world’s monetary system is not becoming increasingly dysfunctional. As such, we would suggest gold’s relatively methodical advance since the turn of the millennium has had to do with the persistent desire to allocate a small portion of global wealth away from traditional financial assets and the fiat currencies in which they are priced. For these reasons, and the many more outlined in this article, we believe gold’s most dramatic advances remain ahead of us.
The above edited commentary, and that which follows, comes from this article where it can be read in its entirety.
We attribute gold’s comparatively consistent 15-year performance to methodical migration of global wealth from the immense pile of outstanding financial assets (roughly $300 trillion) to the comparatively tiny stock of investable gold (roughly $2.4 trillion). In essence, gold is increasingly about global willingness to hold paper assets.
Given the gaping disconnect between global paper claims and underlying productive output, as well as the unwavering penchant for global central bankers to debase fiat currencies in their attempts to bridge this chasm, we believe the gold thesis remains in its early innings.
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