J.P Morgan famously said in his 1912 congressional testimony that “Gold is money, everything is credit.” It seems unsurprising then that many investors seem to be fleeing from credit and are parking their wealth in gold instead, which sent the prices of the yellow metal crossing $4,000 for the first time. Bridgewater Associates founder Ray Dalio said investors should allocate as much as 15% of their portfolios to gold in a market that he said is comparable to the early 1970s — when factors like high debt, and monetary uncertainty eroded confidence in paper assets and fiat currencies. Some may be tempted to quote ... (full story)