Everybody is asking me about gold. Specifically, why isn’t gold running higher? It started the year at $4,300 and went on a mad rush to a peak of $5,600 in late January. In dollars, gold is up 33.5% over the past year. It lags the Nasdaq, up 39% over the same period, and our local market, up 36% in dollars.* These are giant numbers for a one-year return. If those were three-year returns, we’d be happy. But gold bulls are worried. The story for gold was about geopolitical threats and a move (albeit very slowly) from direct US dollar and US debt holdings. The US attack on Iran in February would normally have pushed ... (full story)