Why are you such a strong advocate for gold as an outstanding long-term investment?

I like gold long-term for very obvious reasons–It’s not interest rate sensitive. So, stocks and bonds are interest rate sensitive…oh and real estate. That’s why I put them in one category and gold in another, not because gold is shiny and looks good and so forth, but because it’s not interest rate sensitive. So, when interest rates go up, which I think they will. I do think money printing will create inflation. I do think that will push up interest rates.

The idea that we’ll always have low interest rates, I think is a fantasy. I think they will go up. I certainly grew up in a period where 6%, 7%, 8% was typically normal or very normal and even 14%. That would crush these assets. That’s natural, that’s normal; you learn that in business school. At the same time, gold goes up. It’s really just almost business school economics, when you have that sort of situation. That’s what is going to happen. You may or may not agree that we’ll have that situation, but I think…ask yourself, “Do you really think low interest rates stay here forever?” Certainly not happened in any industrial economy over the last 100 years. Interest rates are very artificially low and what we’re doing to keep them low will inevitably push them up.