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Line of the Night

From Ken Rogoff on whether gold prices might reach $10,000 per ounce:

After all, medieval alchemists engaged in what we now consider an absurd search for ways to transform base metals into gold. Wouldn’t it be paradoxical, then, if financial alchemy could make an ingot of gold worth dramatically more?

I’m no gold bug, but I wouldn’t sneer at what the gold price is telling us. There’s a reason I keep it as a chart on the right side of this page.

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