Since there is not one example in the history of mankind of a purely paper-based currency surviving for anything more than a relatively short period, one feels bound to ask why gold retains such extraordinary power to animate the hostility of those with a touching faith in paper. Perhaps it amounts, like the cult of equity, to recency bias: most of the inhabitants of dealing rooms and fund management offices today, having spent the vast majority of their lives (since 1971) within a purely paper-based monetary system, know of no other form.

David Fuller's view I have spared readers the Greek portion, although every investor should be fully aware of the debt overhang facing the west.

One of the merits of reading Tim Price's erudite letter, from my personal perspective, is that it deters ageing men from becoming Pollyannaish.

Meanwhile, this service is produced for people who aspire to protect their wealth in interesting times.