--- title: "Meaning & Key Takeaway of: Gold is unique because it has the age-old…" description: "\"Gold is unique because it has the age-old aspect of being viewed as a store of value. Nevertheless, it’s still a commodity and has no tangible value, a..." image: "https://sms4smile.com/quotes/i/067/seth-klarman-1979_age_gold-is-unique-because-it-has-the-age-ol_534594.jpg" --- # Gold is unique because it has the age-old aspect of being… ![“Gold is unique because it has the age-old aspect of being viewed as a store of value. Nevertheless, it’s still a commodity and has no tangible value, and so I would say that gold is a speculation. But because of my fear about the potential debasing of paper money and about paper money not being a…” quote by Seth Klarman](https://sms4smile.com/quotes/i/067/seth-klarman-1979_age_gold-is-unique-because-it-has-the-age-ol_534594.jpg) [Download](https://sms4smile.com/quotes/i/067/seth-klarman-1979_age_gold-is-unique-because-it-has-the-age-ol_534594.jpg) [Open image](https://sms4smile.com/quotes/i/067/seth-klarman-1979_age_gold-is-unique-because-it-has-the-age-ol_534594.jpg) > “Gold is unique because it has the age-old aspect of being viewed as a store of value. Nevertheless, it’s still a commodity and has no tangible value, and so I would say that gold is a speculation. But because of my fear about the potential debasing of paper money and about paper money not being a store of value, I want some exposure to gold.” [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Gold is seen as a safe hedge against currency risk, yet its value is speculative and tied to market perception. **In simple terms:** Gold is a hedge but also a speculation. Key Takeaway Balance gold exposure with other assets. Themes risk management inflation currency investment speculation Mood cautious analytical Type financial investment When to use this quote - portfolio diversification - inflation protection - currency crisis - wealth preservation Key Concepts store of value hedging market perception Questions to Reflect On - How much of your portfolio should be in gold? - What alternatives hedge currency risk? A Different Perspective Gold can lose value if market sentiment shifts dramatically. ★ ★ ★ ★ ★ No ratings yet [Age](https://sms4smile.com/quotes/about/age/) [Aspect](https://sms4smile.com/quotes/about/aspect/) [Commodity](https://sms4smile.com/quotes/about/commodity/) [Commodity Tangible](https://sms4smile.com/quotes/about/commodity-tangible-4483692/) [Exposure](https://sms4smile.com/quotes/about/exposure/) [Gold](https://sms4smile.com/quotes/about/gold/) [Gold Speculation](https://sms4smile.com/quotes/about/gold-speculation-4483690/) [Gold Unique](https://sms4smile.com/quotes/about/gold-unique-4483691/) [Money](https://sms4smile.com/quotes/about/money/) [Nevertheless](https://sms4smile.com/quotes/about/nevertheless/) [Paper](https://sms4smile.com/quotes/about/paper/) [Paper money](https://sms4smile.com/quotes/about/paper-money/) [Speculation](https://sms4smile.com/quotes/about/speculation/) [Stills](https://sms4smile.com/quotes/about/stills/) [Stores](https://sms4smile.com/quotes/about/stores/) [Tangible](https://sms4smile.com/quotes/about/tangible/) [Unique](https://sms4smile.com/quotes/about/unique/) [Value Commodity](https://sms4smile.com/quotes/about/value-commodity-2466642/) [Values](https://sms4smile.com/quotes/about/values/) [Want](https://sms4smile.com/quotes/about/want/) ## Related quotes > [In comparing therefore the value of the same commodity, at different periods of time, the consideration of the comparative skill and intensity of labour,…](https://sms4smile.com/quotes/david-ricardo/in-comparing-therefore-the-value-of-the-same-commodity-at-different/) [David Ricardo](https://sms4smile.com/quotes/author/david-ricardo/) > [The value of any commodity, therefore, to the person who possesses it, and who means not to use or consume it himself, but to…](https://sms4smile.com/quotes/adam-smith/the-value-of-any-commodity-therefore-to-the-person-who-possesses-it/) [Adam Smith](https://sms4smile.com/quotes/author/adam-smith/) > [“Labour is the source and the measure of the value of commodities. But is the price of commodities always determined by their value? Do…](https://sms4smile.com/quotes/georgi-plekhanov/labour-is-the-source-and-the-measure-of-the-value-of-commodities-but/) [Georgi Plekhanov](https://sms4smile.com/quotes/author/georgi-plekhanov/) > [If the quantity of labour realized in commodities, regulate their exchangeable value, every increase of the quantity of labour must augment the value of…](https://sms4smile.com/quotes/david-ricardo/if-the-quantity-of-labour-realized-in-commodities-regulate-their/) [David Ricardo](https://sms4smile.com/quotes/author/david-ricardo/) > [People would rather have art or gold instead of paper money.](https://sms4smile.com/quotes/eli-broad/people-would-rather-have-art-or-gold-instead-of-paper-money/) [Eli Broad](https://sms4smile.com/quotes/author/eli-broad/) > [That paper money has some advantages is admitted. But that its abuses also are inevitable and, by breaking up the measure of value, makes…](https://sms4smile.com/quotes/thomas-jefferson/that-paper-money-has-some-advantages-is-admitted-but-that-its-abuses/) [Thomas Jefferson](https://sms4smile.com/quotes/author/thomas-jefferson/) > [It gave me great pleasure to think that I could take wood, make it good, and make people like Rockefeller buy it with paper…](https://sms4smile.com/quotes/louise-berliawsky-nevelson/it-gave-me-great-pleasure-to-think-that-i-could-take-wood-make-it/) [Louise Berliawsky Nevelson](https://sms4smile.com/quotes/author/louise-berliawsky-nevelson/) > [Welcome to the age of paper money, where governments and central banks can manufacture as much money as they want without limit. Gold was…](https://sms4smile.com/quotes/llewellyn-rockwell/welcome-to-the-age-of-paper-money-where-governments-and-central-banks/) [Llewellyn Rockwell](https://sms4smile.com/quotes/author/llewellyn-rockwell/) > [Got paper, money forever green Glock .20, spittin a hundred and seventeen.](https://sms4smile.com/quotes/red-cafe/got-paper-money-forever-green-glock-20-spittin-a-hundred-and-seventeen/) [Red Cafe](https://sms4smile.com/quotes/author/red-cafe/) > [It is possible to increase paper-money income to any amount by debasing the currency. But real income can only be increased by working harder…](https://sms4smile.com/quotes/henry-hazlitt/it-is-possible-to-increase-paper-money-income-to-any-amount-by/) [Henry Hazlitt](https://sms4smile.com/quotes/author/henry-hazlitt/) > [The lure in art collecting and its financial rewards, not counting for a moment its aesthetic, cultural and intellectual rewards, is like the trust…](https://sms4smile.com/quotes/steve-martin/the-lure-in-art-collecting-and-its-financial-rewards-not-counting-for/) [Steve Martin](https://sms4smile.com/quotes/author/steve-martin/) > [Gold is not less but more rational than paper money. Money holds value so long as it is in limited supply; gold will always…](https://sms4smile.com/quotes/william-e-rees/gold-is-not-less-but-more-rational-than-paper-money-money-holds-value/) [William E. Rees](https://sms4smile.com/quotes/author/william-e-rees/) > [Right now, nobody legalized paper money. Where did that come from.](https://sms4smile.com/quotes/ron-paul/right-now-nobody-legalized-paper-money-where-did-that-come-from/) [Ron Paul](https://sms4smile.com/quotes/author/ron-paul/) > [“In accordance with such zeal, by reducing the external world to a matter of faith, he wanted merely to open a little door for…](https://sms4smile.com/quotes/arthur-schopenhauer/in-accordance-with-such-zeal-by-reducing-the-external-world-to-a/) [Arthur Schopenhauer](https://sms4smile.com/quotes/author/arthur-schopenhauer/) > [Most paper money initially existed as a substitute for gold. That's what gave it value. But right now what gives a currency value is…](https://sms4smile.com/quotes/peter-schiff/most-paper-money-initially-existed-as-a-substitute-for-gold-that-s/) [Peter Schiff](https://sms4smile.com/quotes/author/peter-schiff/) ## More by Seth Klarman > [Unlike return, however, risk is no more quantifiable at the end of an investment that it was at its beginning. Risk simply cannot be…](https://sms4smile.com/quotes/seth-klarman/unlike-return-however-risk-is-no-more-quantifiable-at-the-end-of-an/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) > [Because investors are not usually penalized for adhering to conventional practices, doing so is the less professionally risky strategy, even though it virtually guarantees…](https://sms4smile.com/quotes/seth-klarman/because-investors-are-not-usually-penalized-for-adhering-to/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) > [Value investing is risk aversion.](https://sms4smile.com/quotes/seth-klarman/value-investing-is-risk-aversion/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) > [Be focused on process and not outcome](https://sms4smile.com/quotes/seth-klarman/be-focused-on-process-and-not-outcome/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) > [There is an old saying, "How did you go bankrupt?" And the answer is, "Gradually, and then suddenly." The impending fiscal crisis in the…](https://sms4smile.com/quotes/seth-klarman/there-is-an-old-saying-how-did-you-go-bankrupt-and-the-answer-is/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) > [In a rising market, everyone makes money and a value philosophy is unnecessary. But because there is no certain way to predict what the…](https://sms4smile.com/quotes/seth-klarman/in-a-rising-market-everyone-makes-money-and-a-value-philosophy-is/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) > [Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.](https://sms4smile.com/quotes/seth-klarman/ultimately-nothing-should-be-more-important-to-investors-than-the/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) > [The best protection against risk is knowing what you are doing.](https://sms4smile.com/quotes/seth-klarman/the-best-protection-against-risk-is-knowing-what-you-are-doing/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) > [Warren Buffett once wrote that value investing is like an inoculation--it either takes or it doesn't--and when you explain to somebody what it is…](https://sms4smile.com/quotes/seth-klarman/warren-buffett-once-wrote-that-value-investing-is-like-an-inoculation/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) > [It is important to remember that value investing is not a perfect science. It is an, with an ongoing need for judgment, refinement, patience,…](https://sms4smile.com/quotes/seth-klarman/it-is-important-to-remember-that-value-investing-is-not-a-perfect/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) > [Value investing is at its core the marriage of a contrarian streak and a calculator.](https://sms4smile.com/quotes/seth-klarman/value-investing-is-at-its-core-the-marriage-of-a-contrarian-streak/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) > [The avoidance of loss is the surest way to ensure a profitable outcome.](https://sms4smile.com/quotes/seth-klarman/the-avoidance-of-loss-is-the-surest-way-to-ensure-a-profitable-outcome/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) > [Do not suffer interim losses, relish and appreciate them](https://sms4smile.com/quotes/seth-klarman/do-not-suffer-interim-losses-relish-and-appreciate-them/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) > [Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.](https://sms4smile.com/quotes/seth-klarman/ratings-agencies-are-highly-conflicted-unimaginative-dupes-they-are/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) > [It is crucial to have a strategy in place before problems hit, precisely because no one can accurately predict the future direction of the…](https://sms4smile.com/quotes/seth-klarman/it-is-crucial-to-have-a-strategy-in-place-before-problems-hit/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) [Explore all 193 Seth Klarman quotes ](https://sms4smile.com/quotes/author/seth-klarman/) ## More Age quotes > [I need a bath." He chuckled. "You smell of smoke, as do I." The duke turned, leaning heavily on his cane. "Jameson, open the…](https://sms4smile.com/quotes/karen-hawkins/i-need-a-bath-he-chuckled-you-smell-of-smoke-as-do-i-the-duke-turned/) [Karen Hawkins](https://sms4smile.com/quotes/author/karen-hawkins/) > [While we've youth in our hearts, we can never grow old.](https://sms4smile.com/quotes/oliver-wendell-holmes-jr/while-we-ve-youth-in-our-hearts-we-can-never-grow-old/) [Oliver Wendell Holmes, Jr](https://sms4smile.com/quotes/author/oliver-wendell-holmes-jr/) > [It's easier to change a law than an age-old mentality. Deep down, many prejudices, many hostilities, many fears persist. But if we take a…](https://sms4smile.com/quotes/dacia-maraini/it-s-easier-to-change-a-law-than-an-age-old-mentality-deep-down-many/) [Dacia Maraini](https://sms4smile.com/quotes/author/dacia-maraini/) > [When I first started writing, when I was 15, I would go to work with people and they would tell me my lyrics were…](https://sms4smile.com/quotes/sabrina-claudio/when-i-first-started-writing-when-i-was-15-i-would-go-to-work-with/) [Sabrina Claudio](https://sms4smile.com/quotes/author/sabrina-claudio/) > [Real people speak in my books about the main events of the age, such as the war, the Chernobyl disaster, and the downfall of…](https://sms4smile.com/quotes/svetlana-alexievich/real-people-speak-in-my-books-about-the-main-events-of-the-age-such/) [Svetlana Alexievich](https://sms4smile.com/quotes/author/svetlana-alexievich/) > [As a child I was very involved with sports and I knew at age 9 that I wanted to be an Olympic champion.](https://sms4smile.com/quotes/marion-jones/as-a-child-i-was-very-involved-with-sports-and-i-knew-at-age-9-that-i/) [Marion Jones](https://sms4smile.com/quotes/author/marion-jones/) > [If there is any period one would desire to be born in, is it not the age of Revolution; when the old and the…](https://sms4smile.com/quotes/ralph-waldo-emerson/if-there-is-any-period-one-would-desire-to-be-born-in-is-it-not-the/) [Ralph Waldo Emerson](https://sms4smile.com/quotes/author/ralph-waldo-emerson/) > [By making conscious choices in our behavior and where we focus our attention, we can transform our experience of our body, decrease our biological…](https://sms4smile.com/quotes/deepak-chopra/by-making-conscious-choices-in-our-behavior-and-where-we-focus-our/) [Deepak Chopra](https://sms4smile.com/quotes/author/deepak-chopra/) > [I am just enjoying the dream of being Milan coach at the age of 40.](https://sms4smile.com/quotes/gennaro-gattuso/i-am-just-enjoying-the-dream-of-being-milan-coach-at-the-age-of-40/) [Gennaro Gattuso](https://sms4smile.com/quotes/author/gennaro-gattuso/) > [Age is an accumulation of life and loss. Adulthood is a series of lines crossed.](https://sms4smile.com/quotes/ellen-goodman/age-is-an-accumulation-of-life-and-loss-adulthood-is-a-series-of/) [Ellen Goodman](https://sms4smile.com/quotes/author/ellen-goodman/) > [I calculated that if I live up to the age of 80, then I end up using 450 toothbrushes in my life. All that…](https://sms4smile.com/quotes/dia-mirza/i-calculated-that-if-i-live-up-to-the-age-of-80-then-i-end-up-using/) [Dia Mirza](https://sms4smile.com/quotes/author/dia-mirza/) > [Why is wisdom so fair? Why is beauty so wise? Because all else is temporary, while beauty and wisdom are the only real and…](https://sms4smile.com/quotes/vera-nazarian/why-is-wisdom-so-fair-why-is-beauty-so-wise-because-all-else-is/) [Vera Nazarian](https://sms4smile.com/quotes/author/vera-nazarian/) > [It was only when I went to acting school that I was like, "You are absolutely such a pigheaded freak show that you thought…](https://sms4smile.com/quotes/giles-matthey/it-was-only-when-i-went-to-acting-school-that-i-was-like-you-are/) [Giles Matthey](https://sms4smile.com/quotes/author/giles-matthey/) > [That old man dies prematurely whose memory records no benefits conferred. They only have lived long who have lived virtuously.](https://sms4smile.com/quotes/richard-brinsley-sheridan/that-old-man-dies-prematurely-whose-memory-records-no-benefits/) [Richard Brinsley Sheridan](https://sms4smile.com/quotes/author/richard-brinsley-sheridan/) > [We have started to make music at age seven. That was a hard work.](https://sms4smile.com/quotes/bill-kaulitz/we-have-started-to-make-music-at-age-seven-that-was-a-hard-work/) [Bill Kaulitz](https://sms4smile.com/quotes/author/bill-kaulitz/) [Browse all 18,948 Age quotes ](https://sms4smile.com/quotes/about/age/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "Gold is unique because it has the age-old aspect of being viewed as a store of value. Nevertheless, it’s still a commodity and has no tangible value, and so I would say that gold is a speculation. But because of my fear about the potential debasing of paper money and about paper money not being a store of value, I want some exposure to gold.", "creator": { "@type": "Person", "name": "Seth Klarman" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/seth-klarman/gold-is-unique-because-it-has-the-age-old-aspect-of-being-viewed-as-a/", "about": { "@type": "Thing", "name": "Age" }, "@id": "https://sms4smile.com/quotes/seth-klarman/gold-is-unique-because-it-has-the-age-old-aspect-of-being-viewed-as-a/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/067/seth-klarman-1979_age_gold-is-unique-because-it-has-the-age-ol_534594.jpg", "contentUrl": "https://sms4smile.com/quotes/i/067/seth-klarman-1979_age_gold-is-unique-because-it-has-the-age-ol_534594.jpg", "url": "https://sms4smile.com/quotes/i/067/seth-klarman-1979_age_gold-is-unique-because-it-has-the-age-ol_534594.jpg", "width": 1080, "height": 1080, "caption": "“Gold is unique because it has the age-old aspect of being viewed as a store of value. Nevertheless, it’s…” — Seth Klarman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Seth Klarman", "item": "https://sms4smile.com/quotes/author/seth-klarman/" }, { "@type": "ListItem", "position": 4, "name": "Gold is unique because it has...", "item": "https://sms4smile.com/quotes/seth-klarman/gold-is-unique-because-it-has-the-age-old-aspect-of-being-viewed-as-a/" } ], "@id": "https://sms4smile.com/quotes/seth-klarman/gold-is-unique-because-it-has-the-age-old-aspect-of-being-viewed-as-a/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```