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<p>[QUOTE=&quot;webstandardcss, post: 1993639, member: 72151&quot;]This sums up the problem. Instead of gold, people commonly think of paper money as the only medium of exchange and as a store of value; cash is after all their unit of account. They see the gold price rising when they should be seeing the value of paper money falling. Because cash is everyone’s unit of account it is wrongly seen as the ultimate risk-free asset. This is also the fund manager’s approach to investment: his investment returns are calculated in paper money, so he cannot account for a superior class of asset. He is also taught to spread investment risk across a range of inferior asset classes to enhance returns. Therefore the investment manager wrongly assumes that precious metals is one of those inferior asset classes. All modern investment management works on these assumptions.[/QUOTE]</p><p><br /></p>

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