There are few investments more divisive than gold. Unlike stocks or bonds, gold produces no dividends or interest payments; and unlike most other commodities, gold has few industrial uses. As a result, investing in gold requires one to construct a narrative to explain why someone will pay more for your gold tomorrow than what you bought it for today. And for gold enthusiasts, that narrative usually goes something like this: Governments, unable to make the hard choices on spending and taxes required to stay within their means, will resort to printing money. And that money printing will lead to massive inflation and the debasement of government-backed currencies, causing the relative value of gold to rise.
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