There’s a great investment story behind the yellow metal, but it’s not in ‘‘Gold: A Journey With Idris Elba.”
Well, it’s not Goldfinger. But British actor Idris Elba, once widely tipped for the role of James Bond, has just made a movie about gold in partnership with the gold mining industry.
The U.S. Government Accountability Office says gold mining has been environmentally damaging. So does the Smithsonian Magazine, the Yale School of the Environment, and researchers at Oxford and Cambridge Universities. The interesting parts of this movie—Elba visiting Ghana and India, traveling down a mine, or eyeballing the gold vaults under the Bank of England—are interspersed with lots of stuff about the mining industry.
True fact: Gold has been a better investment than bonds over the past one, three, five, 10 and 15 years. You would have been much better off owning a gold-based exchange-traded fund like State Street’s SPDR Gold Shares GLD than one that invests in the supposed safety of U.S. bonds, such as the iShares Core U.S. Aggregate Bond ETF AGG.
Long-term? Even adjusted for inflation, gold today is worth more than three times as much per ounce as it was in 1913, when it was valued at $570 an ounce in today’s money. It’s worth four times as much as it was in 1870, when it was worth about $460 an ounce in today’s money .
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