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#19: Simon Mikhailovich on the Ultimate Insurance Policy: Gold

Superinvestors and the Art of Worldly Wisdom

CHAPTER

The Importance of Understanding the History of Gold ETFs

Gold is a liability of the ETF provider, so it doesn't make them an effective hedge in that regard. People are shorting some of these securities, so they're borrowing them. So you potentially have Lehman type situation where not enough securities to go around. To me, it makes great sense if you're just speculating in gold. You're just looking for exposure to price. That's fine, but it's not a safe haven.

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