Gold gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head, so said Warren Buffet.

            At the end of the day, we believe many investors have certain notions they have developed about gold and what it represents. Many hold fast to these views almost religiously. Yet, since most of these views are based upon outright fallacy, we may want to simply look at gold as another asset class, rather than impute some over-inflated wrong notion relating to the times in which we live.

            While we maintain the expectation that we are on the cusp of a major multi-decade bull market in the metals market, we don’t necessarily expect the world to end.  While we certainly see some very hard times setting up for our equity markets over the next 20 years, we don’t envisage the stock market revisiting the lows seen in 2009, whereas we do see the metals market significantly higher in the coming decades.