For most of us, important elections, baseball and football games, and major boxing matches are incidental to our lives; even if we follow them, we focus most of our attention on more pressing things. Gambling addicts are cut from a different cloth. Events like these are exceptionally exciting, and sometimes dominate their lives, their thinking, and even their finances. Like other addictions, this one is expensive, difficult to break, and destructive.
Why is gold rallying? Maybe the word “finally” should be added to this question, because it’s been a long time since the metal generated any excitement. Even gold bugs would have to acknowledge the industry has been dull.
If you’re working as hard as ever but can no longer make ends meet, don’t feel badly. You’re not doing anything wrong and lots of people are exactly in the same boat. High inflation and taxes are to blame, and they’re taking a toll in ways that are obvious and in others less obvious.
Years ago, when Bill Gates was the world’s wealthiest person by a significant margin, he visited Israel. Gates held a wide-ranging news conference, and as one would expect, one of the questions was about money and particularly suited to him. The question: Does money create happiness? Gates answered without blinking an eye. “Absolutely not,” he said.