In Gold They Trust: Some Lawmakers Hold Precious Metal

In Gold They Trust: Some Lawmakers Hold Precious Metal

Ready to buy gold yet? As Washington edges the government to the brink of a credit default, the price of gold has never been higher. On Capitol Hill, many lawmaker-investors have seen it as a good investment for years. A survey of their personal financial disclosure reports from 2009 and 2010 shows dozens of lawmakers investing in gold, gold derivatives and gold mining companies, even if it rarely amounts to a major share of their portfolios . . .

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So with all this default talk, I've noticed the price of precious metals has steadily increased in correlation, likely as more and more folks fear the dollar's decline. Now, I don't want to make this thread about the validity of switching to the gold standard or abolishing the Reserve (there are plenty of threads for that), but it seems wrong, and a bit foolhardy, to allow members of congress to invest in a commodity that rises in price every time the economy worsens.

Now, for those of you who think I'm singling out Republicans, while it's true that the article notes twice as many Republicans investing in gold than the Dems, bear in mind that this is a bipartisan issue with Senator Kerry (D-MA) having invested the most.

Thoughts?