Gold is a strange commodity with the quantity of gold stored above ground dwarfing the yellow metals annual demand. Unlike other commodities, the gold price is generally affected by sentiment and the direction of other assets as opposed to supply and demand. "Gold gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.” - Warren Buffet. On a long-term basis, gold has kept up with inflation rallying ~ 8% pa over the last 45 years BUT in a VERY volatile manner. The precious metal has however underperformed stocks, over the same period, who have rallied closer to ~10%pa in a less volatile manner (relatively speaking). View the full article for our thoughts on gold and three major Australian gold miners.