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Gold is now at a high of $1320, as fears over government money printing, solvency, and the broader economy make the shiny yellow metal more popular than ever.Experts recommend that you have a substantial chunk of your investments in this asset class.
But gold is not an asset class.
It’s a religion.
Gold's devotees like to point out that it's been around for ages and ages, just like the world's major religions.
The ancient peoples once worshiped golden calves, before god implored them not to.
Because paper money allows governments to print currency beyond their means, it lends itself to corruption, goes the argument.
Gold imposes discipline, and thus, just like a higher power, can supersede or punish corrupt leaders.
Glenn Beck -- who is also a Mormon, and thus familiar with evangelism -- has been a major pumper of the metal.
There are many, many others.
There are plenty of folks who have become celebrities for their tireless advocacy on behalf of gold over the years.
Here's Howard Ruff, a newsletter writer, who is a high priest of the gold religion.
Being a gold bull is usually a lifelong commitment.
Nobody ever goes un-bullish, unless they experience some kind of major change of thinking.
Just like Christianity is divided into so many sects, so too is gold: You've got the hard bullion people, the people who invest in the miners, the ETFs, and even spinoff precious metals, like silver.
You also have the really out-there, cult-like folks who think Fort Knox is empty, or filled with tungsten.
Traditional religions believe in an afterlife, where those who believed are rewarded immensely. They also frequently expect apocalypse, and punishment for those who don't believe.
Gold fans believe in a coming collapse and huge rewards for those who had the foresight to own gold.
Just like with religion, there is frequently a consistent set of beliefs that goes along with being into gold.
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