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Excerpt
Golden Slumbers. Kenneth Rogoff, July 8, 2013, Opinion. "In principle, holding gold is a form of insurance against war, financial Armageddon, and wholesale currency debasement. And, from the onset of the global financial crisis, the price of gold has often been portrayed as a barometer of global economic insecurity. So, does the collapse in gold prices – from a peak of $1,900 per ounce in August 2011 to under $1,250 at the beginning of July 2013 – represent a vote of confidence in the global economy? To say that the gold market displays all of the classic features of a bubble gone bust is to oversimplify...." Link verified March 28, 2014