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AAAU - Examining The Short- And Long-Term Case For Gold
Goldman Sachs Physical Gold ETF
Introduction
Before discussing gold (GLD) and the above pyramid, a few comments to set the scene are in order.
Whether as physical bullion or via a fund such as GLD (there are many alternatives to it) is more than anything else "money of the mind," in Jim Grant's phraseology. (Grant has described gold's value as determined by the degree or lack of faith in the US dollar).
Gold is currently a central bank reserve asset. It is legal tender nowhere. So why does it have value to private investors? And, how is