The First Eagle Global fund’s Matthew McLennan maintains a roughly 10% gold position (includes mining stocks) at all times. In his October commentary, he explains why he’s sticking with it (emphasis his)…
“Wait a minute – I thought gold was like dollars!”
For what it’s worth, the crowd sees no limit to high gold can go.
Gold is more like a drug than it is like money…
Are you a trader or are you a central banker. Because if you’re wasting your thoughts and my time on a circumlocution on what gold is really “worth”, you’d better be the latter.