"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."
"The utility, or intrinsic value of gold as a commodity is now considerably less than in the past; its monetary status has become extraordinarily ambiguous; and its future is highly uncertain."
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Source: Storage and Stability. Book by Benjamin Graham.Part III, Chapter X, The Status of Gold and Silver, p. 127, 1937.
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