What kind of moron buys gold in order to turn a quick profit?I wouldn't know, none of my friends are goldbugs.
It is about preserving wealth.
That's right. Preserved 87% of it's value since it peaked.
Go back to the post you responded to, and learn about "averaging in."
You'll have to explain what dollar cost averaging has to do with a 13% decline in your guaranteed store of value.
And remind me where to put my money that won't go down 13% in a few weeks, nor lose money with respect to real inflation, nor risk disappearing in a financial crisis.
Thanks for pointing out that there are no guaranteed stores of value.
Preserved 87% of it's value since it peaked.
Since you are hear to "tweak" instead of reading and learning, I'll just say that if you can pick the date in hindsight (of buy and of sell) you can make anything look bad. But one who bought $x of gold each year, even starting at the worst peak, would have yielded 5% return on the money.
If you think the economy of the next 30 years is going to be like the economy of the past 30 years, you would probably put more into other things. If not, gold and other commodities can be attractive.