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This is pretty much par for the course for hardcore libertarians. I have a good friend who is a staunch Paul supporter, invests with Peter Schiff and tries to convince me on a daily basis that the stock market and American capitalism is at death's door (I'm bullish on the stock market and heavily invested in it on the long side). This is common wisdom among the group- buy and hold gold because tomorrow the dollar is going to be worthless.

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Even accepting all of that, can someone please tell my why gold is supposed to be different? I get the fact that gold has traditionally, for the longest of time, been seen as a low-yield, low-risk investment, and that what people see something as is what matters. But if gold's value comes from the fact that people think it's worth something, how is it fundamentally different from stocks of Foo Corp.? On top of that, it doesn't really do anything on its own. I just don't get it, for anything other than perhaps off-the-record physical movement of large values (which I don't suspect mr. Paul of doing… yet, anyway).

Edit: I get that gold is (economically) stable, but I don't understand why. Aren't people afraid that someone will find some huge unknown ore?

Gold is a physical good, has practical uses (in electronics and medicine as well as jewelry and leafing), and has throughout history been both desirable and used as currency. On the other hand, stock (dollars) is either just bits or a piece of paper. Given how valuable gold has been in the past and present, it's a pretty safe bet that it will continue to be valuable in the future.

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