are you ready to rumble?, page-52

Taz,

It's a ponzi scheme because it doesn't have income. I have a commercial property I've owned for 25 years, it's produced a pretty good income during that time, gold produces nothing. Eventually I guess I will sell it, for more than I payed for it, but it's not a ponzi scheme.

I do believe gold's value is only speculation and the goldbugs make much more of it than is real. They bang on endlessly about QE,(which has ended by the way, despite commentators saying we're have QE until kingdom come), M1, M3, debt, but it all comes down to money going in and money going out.

What happened in 1980? It crashed because it was grossly, incredibly, insufferably overpriced but loads of punters still got emptied out. Happens all the time and will continue to happen because that's human nature and that'll never change.

There's always another sucker around the corner.