Raging Bullion: Is Gold a Good Investment?
Many Happy Returns
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There was an incredible period for gold in the early 1970s when it just had spectacular mind-blowing returns. Now we can only come off the Bretton Woods system once. So I think that entire decade is slightly unreliable when it comes to working out whether gold is good inflation hedge because it also coincided with a period of very high inflation. But it is going to contaminate, I think, the back tests forever until we look through this environment, which we've got right now and another high inflation environment.
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