The bubble is not in gold, it is in paper. There is admittedly something rather endearing about the concept of a 4,000 year old bubble. But most professional investors would use a more pragmatic definition of the word. A bubble, by definition, pops. Has gold popped ? Every paper currency in the history of mankind has burst. Every single one. Which store of value has the better long term claim ?

David Fuller's view If this paragraph above persuades you to read Tim Price's latest letter, I do not think you will be disappointed.