One in six choose gold in Bankrate survey
by Michael J. Kosares
One in six investors chose gold as the best place to park money they wouldn’t need for more than ten years – the same number that chose stocks, according to a recent Bankrate survey. Another 6% chose bonds, while 25% chose real estate, and 23% said they would simply bank the money.
To the typical Wall Streeter, these results represent a world turned upside down. CNBC’s Jim Cramer took one look at the results and lamented, “As someone who has lived and breathed stocks for most of my life, this is a horrendous finding. But it’s not surprising.”
In a recent Financial Times column titled appropriately, Brexit and the power of wishful thinking, Tim Hartford, the Underground Economist, sheds some light on the psychological transformation now taking place among investors: