A Golden Rule From a Golden Fool

Gold shot up close to $1,900 in the summer of 2011, but the hyperinflation never materialized. In real, inflation-adjusted terms, gold gained about 6%% annually in both 2011 and 2012, then lost 38%% from 2013 through 2015, according to Christophe Spaenjers, a finance professor at the HEC Paris business school in Jouy-en-Josas , France, writes the Wall Street Journal.