Gold. Yes, or no.

April 2000                                            April 2024

Gold is being heavily promoted. “Smart investors hold gold,” they say.

The 117-year real return from gold is just above half a percent annually. Unlike most stocks, gold holds its value. Today, a given weight of gold buys the same amount of barley, wheat, or any other staple as it did 5000 years ago.

The chart above shows gold (yellow line) versus SPY  (black line) over four years.

Here is what we should do.