GOLD HAS NEVER been an investment I’ve been comfortable with. The problem: It has no intrinsic value. Unlike a bond, it doesn’t pay interest and, unlike a stock, it doesn’t have earnings or pay a dividend. Instead, gold has value mostly because the supply is limited and because owners have faith that others will also view it as valuable.
And yet, today, I consider myself a fan — though I favor owning gold-mining stocks, rather than the metal itself. I still have no firm sense for what gold is worth.
YESTERDAY MORNING, I spoke at career day at the Philadelphia school where my daughter teaches. My two fellow panelists were a city planner and a fundraiser for a local ballet company. What did we tell the 11th grade kids? Interestingly, all three of us focused on the same themes:
You’re unlikely to have a single career. Instead, you’ll switch direction as you discover what you’re good at, the world changes around you and you grow weary of your current job. Those born in 2000 can expect to live until age 86,