“An unfortunate consequence of the most recent naïve interventions is that capital preservation in the long run and capital preservation in the short run have been made mutually exclusive. We are forced, by what James Grant calls the “PhD standard” to choose one or the other……. for the purpose of preserving real capital in the long run, gold has a property which is unique……Historically, people have understood money’s intrinsic value when they have been forced to, when alternative monies have been rendered unfit for purpose by persistent debasement. Negative real returns to cash, the inflation in various equity and credit markets, and investors’ “reaching for yield” suggest money’s transition from usable to unusable is already underway. And if debasement to date has not dented debt ratios even slightly, the debasement of tomorrow will.”
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