Stipp: Doug, some of the earlier interviews I saw with Steve Leuthold, he had mentioned that he had taken a gold position; this was a little while back. But obviously, people's concerns about the dollar leading up to that have probably been part of the gold rally. I'm wondering your take on gold. And also, the dollar has recently had a little bit of some safe-haven investing, I think, recently. So, just wanted your take on whether gold is a good place to be for a portion of the portfolio today.
Ramsey: Yeah, we've got about 3-4% of all of our tactical asset allocation portfolios in gold and silver combined. Most of that position is in gold. The three funds would be the Core, Asset Allocation, and then the Global fund.
I still think it's good to have a piece of your assets in gold. I think it's a hedge just against poor monetary policy. We've certainly heard concerns that gold really has just become too mainstream. You do see a lot of commercials for gold coins and, "Bring in your jewelry and we'll pay you the highest price."
Most of the commercials I'm seeing to this point are mainly for you to come and sell your gold rather than outfits trying to sell you gold. I still think that we could have a pretty exciting phase, in the gold market, ahead of us. There's nothing like the enthusiasm yet that, let's say, surrounded the tech and the telecom and the Internet craze back in '98 and '99. We're nowhere near that point in terms of investor enthusiasm.
So I don't know. This is a position in our portfolio that we view, maybe, as long-term insurance. And it's a position where if we were to suffer a 50% loss on the position, we'd say to ourselves, "Well, if the conditions came about that gold and silver were to decline 50% from their current positions, current prices, there'd be a lot else in the portfolio that would be working extremely well for us."
So that's sort of the way that we do gold, but I still think, even being up so much in price and breaking out to new highs, virtually as we speak, I still think there could be another good run up ahead of us. We haven't put any sort of price target on gold or silver.