9 Ways That Gold Is A Religion Masquerading As An Asset Class

Gold remains close to its all-time high, as fears over government money printing, solvency, and general economic fears make the shiny yellow metal more popular than ever. 

 Experts recommend that you have a substantial chunk of your investments in this asset class.

But gold is not an asset class. It's a religion.

Here's why.

Gold has been popular for thousands of years

Gold's devotees like to point out that it's been around for ages and ages, just like the world's major religions.

People have literally worshiped gold

The ancient peoples once worshiped golden calves, before god implored them not to.

People think gold can punish corrupt governments

Because paper money allows governments to print currency beyond their means, it lends itself to corruption, goes the argument. Gold imposes discipline, and thus, just like a higher power, can supersede or punish corrupt leaders.

People love to evangelize gold

Glenn Beck -- who is also a Mormon, and thus familiar with evangelism -- has been a major pumper of the metal. There are many, many others.

Gold has its own saints and demigods

There are plenty of folks who have become celebrities for their tireless advocacy on behalf of gold over the years. Here's Howard Ruff, a newsletter writer, who is a high priest of the gold religion.

Nobody ever changes their mind about gold

Being a gold bull is usually a lifelong commitment. Nobody ever goes un-bullish, unless they experience some kind of major change of thinking.

Gold has different sects

Just like Christianity is divided into so many sects, so too is gold: You've got the hard bullion people, the people who invest in the miners, the ETFs, and even spinoff precious metals, like silver. You also have the really out-there, cult-like folks who think Fort Knox is empty, or filled with tungsten.

Gold offers a promised land.

Traditional religions believe in an afterlife, where those who believed are rewarded immensely. They also frequently expect apocalypse, and punishment for those who don't believe. Gold fans believe in a coming collapse and huge rewards for those who had the foresight to own gold.

Gold is infused with politics.

Just like with religion, there is frequently a consistent set of beliefs that goes along with being into gold.

 Gold bulls love to burn heretics

 

Joe Weisenthal