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<p>[QUOTE=&quot;-jeffB, post: 2971401, member: 27832&quot;]Investment <i>and</i> speculation are all about risk vs. reward.</p><p><br /></p><p>To my mind, bullion is a much poorer <i>investment</i> than equities -- put $10k in each, hold them for however long, and the equity pile is likely to be worth more than the bullion. You can cherry-pick intervals where the opposite was true, but most of the time, equities win.</p><p><br /></p><p>Putting bullion against money-market cash, there are more stretches where bullion outperforms. I&#039;m still not sure what the odds are for an arbitrary interval starting today. But again, I don&#039;t have to pay 10% extra to put money into an account, or pay a 10% fee when I pull it out, as opposed to the buy-sell spread I <i>do</i> face trading bullion with dealers.[/QUOTE]</p><p><br /></p>

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