Even with the cost of carry minimal for gold bugs, this is a losing play.

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Sadly for the hard core gold bugs, there will never be a new gold standard.

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Most people opt for the uber-popular SPDR Gold Trust (GLD) or iShares COMEX Gold Trust (IAU), but many of the gold bugs I talk to eschew these ETF for physical gold or shares of gold miners.

FORBES: 212 Million Chinese Gold Fans Can't Be Wrong

Gold bugs are buying bullion for the understandable reason that central banks appear committed to printing more money: they fear that eventually this will lead to inflation.

ECONOMIST: Buttonwood

Back in the 1970s, gold bugs were often publicly castigated for self-interestedly fueling inflation.

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The best hope for equity investors in 2012 is that both the gold bugs and the bond vigilantes are wrong.

ECONOMIST: The markets will reveal which is right

For those into just buying bullion or coins a lot of gold bugs recommend The Tulving Company at www.tulving.com, but I have no personal experience with them.

FORBES: 212 Million Chinese Gold Fans Can't Be Wrong

Some die-hard gold bugs pointed time and again (ahem) to the historical low at 1 ounce for 1 unit of the DJIA back in 1980.

FORBES: Dow Not At New Highs Priced In Gold Or Cost Of Breakfast