In answer to "gold has no utility": It is portable, and cannot be duplicated. In some societies it is still perceived as wealth.
Population of Australia: 20 million. Population of USA: 300 million Population of India: 1,300 million.
We can say what we want on here about gold being a pointless investment. The whole of Australia and USA could join you in chorus.
Problem is, if the Indians disagree with you... you were on the wrong side of the bet.
In the past it didn't matter that Indians thought gold was synonymous with wealth as they were all poor. Warren Buffet was right to ignore gold 20 or so years ago. Now Americans are getting poorer, and India and China are getting richer. Does that tilt the balance a little?
I believe Oil will be the real winner out of currency devaluations. But where exactly am I meant to store all this oil?
