On Wednesday, October 14, 2009, LewRockwell.com featured an article with the headline, “The Best-Performing Asset of the Decade: Gold, of course“
But one shouldn’t pass judgment on the entire decade based on the value of gold relative to other precious metals on a single day.
Had the article been written on March 6, 2008, the title would’ve been, “The Best-Performing Asset of the Decade: Platinum, unfortunately”
Unfortunate, for gold bugs that is! Silver also outperformed gold as well. Ouch!
On December 30, 1999, gold had a London Fix afternoon price of $290.25 per ounce, while silver and platinum had a value of $5.33 and $443.00 per ounce, respectively.
On March 6, 2008, gold had a London Fix afternoon price of $986.25 per ounce, while silver and platinum had a value of $20.80 and $2249.00 per ounce, respectively.
Over the decade, platinum increased its value by 4.51 times, silver by 3.90 times, and gold by only 3.40 times.
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