"People criticize owning bullion because there’s no yield. But there’s a reason everything else needs a yield, to compensate you for things like obsolescence risk, business-cycle risk, and management risk, all of the things that gold doesn’t have.
We’re not gold bugs, but there’s a reason humanity has tended to use gold as an alternative to man-made currency: it’s the only virtually infinite-duration asset in the world."
"Indeed there can be no criterion, no other standard than gold. Yes, gold which never changes, which can be shaped into ingots, bars, coins, which has no nationality and which is eternally and universally accepted as the unalterable fiduciary value par excellence."
Charles de Gaulle ...