You're cheap. You're so cheap that your clothes went out of style in the Roosevelt administration. Teddy Roosevelt's administration. Cheap. When someone asks you for three cheers, you only give two.
So when you look at the price of gold and notice that it's nearly 35% off its record high, you're intrigued. Is it cheap enough to buy yet? While there are several ways to answer that question, the answer is probably "not quite yet."
Gold currently sells for about $1,242 an ounce, down sharply from its 2011 high of $1,895. Whether that's cheap or not is hard to say, because putting a price on the intrinsic value of gold isn't easy. Unlike stocks or bonds, gold doesn't pay any interest or have any earnings, which is how people evaluate many investments.
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