"Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble... to give way to hope, fear and greed."
"Many progressive economists insist that gold is now in essentially the same position as silver and that the arguments the simon-pure gold advocates use against the white metal can be directed with equal effect against their own fetish."
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Source: World Commodities and World Currencies. Book by Benjamin Graham. Chapter IX, Commodities, Gold, Credit as Money, p. 100, 1944.
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