by James Rickards
Daily Reckoning
Is gold a commodity, an investment, or money?
The answer is…
Gold is a chameleon. It changes in response to the environment. And as I’ve said before, gold is making an important change right now.
At times, gold behaves like a commodity. The gold price tracks the ups and downs of commodity indices. At other times, gold is viewed as a safe haven investment. It competes with stocks and bonds for investor attention. And on occasion, gold assumes its role as the most stable long-term form of money the world has ever known.