Saturday, February 19, 2011
Gold is not a drug that cures the disease but merely a symbol of the flight from dishonesty − a symbol of independence, honest money and permanence. We value it subjectively, and we ought to be concerned with the motivation of its ownership more so than that of its price. The same must be the case for our general predisposition to our capital pool. Our investment portfolio should not be a function of the last bid on some stock exchange. It should not be merely promises or claims on uncertain events. It should be 'tangible' and have economic value. It should not be hope, illusion or euphoria. Our purpose in the ownership of assets should not be that of making money but simply the very ownership in tangible and economic goods in itself. That is the essence of wealth!
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