In fact, the case for or against gold has not changed all that much since 2010, when I last wrote about it. In October of that year, the price of gold – the consummate faith-based speculative asset – was on the way up, having just hit $1,300.
事实上，自2010年以来，支持或看空黄金的情况都没改变多少，2010年当我最后一次写有关黄金的事时。那一年的10月，黄金价格——完美的以信任为基础的投资性资产——正在上升，刚到1300美元。但持有黄金，不管是那时还是现在，却从不是投机行为。相反，黄金是一种对冲产品。如果你是一个高净值投资者，或一个主权财富基金，那么将你一小部分的资产换成黄金以对抗极端情况就意义重大。