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A one-ounce gold Krugerrand coin continually buys about the same amount of goods.
Cannot say that about fiat ‘wealth.’
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You ignore the sometimes extreme speculative swings in the price of gold, not just to the upside but to the downside. It does not track inflation. It’s a safe haven in times of economic fear and uncertainty therefore it spikes, then as the fear and uncertainty wanes the price of an ounce declines. This is always exacerbated by speculative buying and selling.