An article in the New York Times noted that many people are increasing the types of investments in their retirement accounts beyond just stocks and bonds to include gold:

“This is nothing but speculation. And as is the case with most speculation, the average investor is not likely to make money.”

a. Why might investing in gold be considered “nothing but speculation”?

b. What does it mean to say that the average investor “is not likely to make money” investing in gold? Do you agree? Briefly explain.