Answering an Impossible Question
As I write, gold has surged to yet another record, topping $2,050 per ounce. Is it overpriced?
The question is impossible to answer. Gold’s value rests in the eye of the beholder, and over recorded human history people have continued to find it beautiful. It pays no income, and its intrinsic value is set by the market. Valuation techniques that work for other assets won’t work for gold.
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