From Forbes:

I understand the argument for owning gold (GLD). I hear the same six points repeated by every guy who goes on CNBC and Bloomberg every hour:

– It's the new currency.
– QE3 is coming.
– Europe is cracking up.
– There is a supply-and-demand imbalance.
– It's under-owned by most people and central banks.
– We still haven't got to the parabolic stage yet where your grandma and taxi drivers are talking about it.

I get it. I've made those arguments many hundreds-of-dollars-per-ounce ago. But...

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