Investors are fleeing in gold: on Monday, one troy ounce cost $ 1,944.20 – and was more expensive than ever before. Gold owners get rich, at least on paper, because the price of gold has increased by around 550 percent since the turn of the millennium. A better business was unthinkable. So should you keep buying gold? Many Germans are firmly convinced of this. No European people bunkers as much precious metal as the Germans – only the Italians hoard more gold per capita. At first glance, the calculation seems rational: Gold is said to protect against inflation, financial crises and other turbulence. Investors believe they can retreat to some sort of virtual island, far from the annoying state. However, this view is completely wrong.
Gold only has value because the state keeps it artificially short. A relevant part is not stored by private individuals at all, but by the state central banks. The Bundesbank alone has 3,364 tons; the United States has 8,133 tons. If the central banks were to sell their gold, the price would drop immediately. As paradoxical as it is: gold is only valuable as long as it is not sold in bulk. Because there is no real benefit. In the past, at least tooth gold was needed, but in the meantime dental technology has long since switched to other fillings. The electronics industry also mostly makes use of substitutes, and even wedding rings are now often made from other metals. The only salvation for the gold speculators are the marriage customs in India and China, which often still provide for a golden dowry.