Fisher: Gold’s Shine Is a Mirage

What is more volatile than stocks, with lower returns than bonds? Give up? Gold, the legendary metal nearing all-time highs and generating bullish headlines and forecasts worldwide. Even the West’s formerly high-flying crypto crowd is enticed by gold’s shiny promises of high returns. Beware: Good gold returns require impeccable market timing — otherwise, long-term pain ensues. If you can’t time stocks, skip gold. Let me empirically show you why.