, Columnist
Gold Still Shines 50 Years After Nixon. Will Netflix?
History suggests that buying the market's biggest stocks is a bad idea. They have nowhere to go but down.
The S&P 500 is worth less in gold terms than it was in 1971.
Photographer: Zack Seckler/Bloomberg
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The stock market, home of optimists everywhere, is doing very well at present. But gold, where pessimists find a home, is doing even better. In dollars, the shiny metal closed on Tuesday at its highest since 2012. The all-time high is in sight, and it has gained more than 60% since its nadir in 2015: