The Golden Age Arrives, if Not as Planned

It’s unfashionable in many precincts to admit it, but the market for precious metals still sends useful signals every once in a while.

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Gold’s ascent above $5,000 per ounce—or as some might say, the dollar’s drop to less than 1/5,000th of an ounce of gold—is one of those signals, and it doesn’t speak well of investor confidence in the world’s political leaders.