Gold. Many tout it, but most don't understand it. The time to have bought gold long has long past.
In current dollars, gold is off it's 2011 highs. Yet, current-dollar gold is still up almost 55% from the Q4 2007 GDP peak. That gold still trades much higher than its 1980 current dollar high has far too many believing all that glitters is gold.
However, in True Dollars™, which are the ones that count, gold is way off. Priced in True Dollars™, gold has dropped almost 57% since hitting its late August 2011 peak.
There are no drivers for gold. The true prime rate is low. And we're nowhere near peak true credit. Likely, there won't be drivers for gold for decades, that is, until the next Greenspan-Bernanke like credit bubble or a Paul Volker like targeting of the quantity of bank credit rather than the price of bank credit.
Here is how current-dollar gold looks against True Dollar™ gold.