timber,
"Accepting that US equities are overpriced, is buying gold necessarily the best trade?"
For you and some, it is a trade, but for others, it is not a trade. It is payment in full.
Paid in gold is paid in full.
To buy gold is to say: I am out of here, I am out of the system. Bye bye, sayonara, zaijian, ,,, see you in the world after.
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