Gold has become just another piece of paper.
Good clip from last week. Runs 1 minute.
"Gold's been securitized. I don't even look at gold as gold any more. It's just another piece of paper. If things go badly now, people are going to end up with checks from ETFs, not gold. I'm sorry it's just not the same. The reign of gold as the Ayn Rand end product is over."
Rick discusses paper gold in more detail here.