Campbell Harvey discusses the limitations of quantitative easing in today’s macroeconomic environment. His analysis has implications for the role of commodities, specifically gold, in a diversified portfolio.
John Maynard Keynes once famously called gold the "barbarous relic," suggesting that its usefulness and, hence, it's value, is antiquated. So the question really is, or should be, is gold useful today? If so, what is its value? And how much should you pay for it?
In a poll conducted earlier this week, we asked readers whether the state of the global economy warrants the purchase of gold or gold stocks. It looks like professional investors are split right down the middle.
Why do so many veteran investors express such vehement disdain toward gold? Why are others so bullish on it? Given its deeply routed mystique, gold can exert a strong emotional pull on investors.
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