Exchanging AUD for ASX:GOLD

I swapped most of my cash for gold today. I advocate Josh Crumb's model for valuing gold via a combination of real rates and oil prices. Gold is energy intensive to produce, is immune to inflation but generates no real return, and has many special physical properties. I view it as a preferable alternative form of money and will look to trade it for undervalued shares as they arise.

The energy value of gold is of particular interest right now. I have been keen to add energy exposure because like many I think we are at the start of a decade of rising prices due to the green energy transition. I'm not a fan of energy stocks because these typically represent poor quality businesses and there is a risk that Western governments will impose punitive taxes on these companies should prices rise significantly.