Jim Grant on the Gold Price
Here is a video interview of Jim Grant discussing the steep drop in the gold price. He says it was the result of the "structure" of the market. I interpret "structure" to mean who is invested in gold and how are those investments financed, along with "technical" factors. He compares it to the 1987 stock market crash and the 1994 bond market crash. Both were dramatic, but did not leave a lasting impact on the future course of those markets. Grant says that gold is an investment in our destiny.