Anything – even leaving money in the bank – is better than owning gold since at least society has access to your capital through the banking system. Once you buy physical gold, no one has access to that sliver of your portfolio.

Of course, that’s actually a feature for the owner since physical gold is no one else’s liability.

So the notable rally in gold is essentially a protest vote against the global financial system, the equivalent of taking your ball and going home.

This only happens when investors think central banks have lost their way, and that’s not good news.

Why Most Investors Hate Gold