Ah John you're a man after my own heart. I thought I was the only one who sees far more advantages in avoiding the goldbug theory on the future. With shortages likely unfolding everywhere in everything, the last thing you want to lock your hard earned into is a phsycial commodity you can live without.
On land prices. I can see them inflating to a point where it actually becomes unrealistic to expand (probably pretty close to that point pretty soon). Since commodity values will likely offer very attractive returns on investment, all of the sudden the small farm becomes a very viable proposition again. The era of rationalisation has ended IMO. The smart farmers are not getting bigger, they are getting good at moving equity off farm when opportunities arise (uranium etc) and then back on farm when opportunities arise (ie two years worth of fertilizer before prices take off seriously north). ;) What do you think?
Got agricultural exposure?