Gold

Jeff Randall extols the virtues of gold in the face of increasing money growth (complete with quotes from Hayek and Schumpeter):

So why have investors been abandoning conventional assets, such as government bonds and stakes in blue-chip businesses, in favour of a metal that appears to offer no reward for holding it? The answer, I’m afraid, is crumbling faith in the world’s central banks, and in particular the US Federal Reserve, where the presses have been working overtime.

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