Gold Is Like A Ten-Person Life-Raft Now
Gold is much like a 10-person lifeboat. It usually sits neglected as cruise line guests dance to Shakira. However, when small waves tip a few dinner plates, one or two guests climb on board.
But here’s where things get weird. Once the lifeboat draws 20 or 30 people, hundreds of others try diving for a seat. In their eyes, that 10-person boat provides safety in the storm.
Charles Mackay would have laughed. In 1841 he wrote, Extraordinary Popular Delusions and the Madness of Crowds. That title describes the rush into gold right now.