Hard Assets

With hard asset commodities (silver, et al), declining and the previous two nights' auctions (in which there were few works of note), performing without sparkle, I am beginning to reflect on May of 2008. It was the last good auction for a while.

There is little evidence that adding gold to a portfolio improves diversification or provides a hedge against inflation in stock and bond portfolios. Here's a suggestion for an alternative investment that may be superior to gold.