Michael, I don't play gold because I don't like to bet "against" the house. The chances of a double or so on gold are minimal because the "house" (the central bankers) have ample supply to make sure that does not happen, at least not as a major discontinuity.
To call gold useless, I think is very misleading. A memeber of the Argentine middle class would not have called it useless if he had bought gold and burried it prior to their currency crisis. The majority put their life's earnings in banks where the government essentially stole them away. Anybody in Argenitina with physical gold would be just fine now. From what I read, currency crises may well become more common in the future. What would better for an Argentine to have? 10 year government bonds you cannot sell or gold?
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