Like the children of Hamelin chasing the Pied Piper, investors last week continued rushing to put their paper money into hard goods. Gold scaled yet another peak on the London exchange: $397 per oz., almost double a year ago. Prices soared for platinum and silver, and even copper that was 81ยข per Ib. two months ago sold for $1.05 per Ib.
The rush to tangibles, including art and antiques as well as metals, reflects the spreading distrust of nearly all currencies after a decade of high inflation. People would rather bank what wealth they have in commodities and collectibles with intrinsic value...
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