Gold is a way of going long on fear, and it has been a pretty good way of going long on fear from time to time. But you really have to hope people become more afraid in a year or two years than they are now. And if they become more afraid you make money, if they become less afraid you lose money, but the gold itself doesn’t produce anything.
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Consider — to give up a heathen is to lose nothing for your ancestors, whereas with the gold you get in exchange you can ornament the shrines of their holy spirits. And surely, were gold evil in itself, if such a thing could be, the evil would depart of necessity once the metal were put to such pious use.
But still less should the gold of rich men lazily sleep its heavy sleep in the urns and gloom of treasuries. This so weighty metal, when it becomes the associate of a fancy, assumes the most active virtues of the mind. It has her restless nature. Its essence is to vanish. It changes into all things, without being itself changed. It raises blocks of stone, pierces mountains, diverts rivers, opens the gates of fortresses and the most secret hearts; it enchains men; it dresses, it undresses women with an almost miraculous promptitude. It is truly the most abstract agent that exists, next to thought. But thought exchanges and envelops images only, whereas gold incites and promotes the transmutations of all real things into one another; itself remaining incorruptible, and passing untainted through all hands.
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