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Is peak gold concept worthy of notice?

Before the shale oil boom put the United States on course to pump more crude, there was a theory that peak oil was at hand.

In a nutshell, that meant oil production could no longer rise and would instead decline.

The $150 barrel of oil and $4.25 gallon gas of 2008 would seem like a bargain.

Texas oil drillers proved the theory wrong.

Now we are seeing a proliferation of online mentions of the concept of peak gold.

Current gold production levels cannot be maintained because additional gold deposits are not being found to mine is the theory expressed in brief.

Gold at $1,247 an ounce is far below its $1,900 2011 peak price but hugely above its roughly $250 price from 2001.

Should we run out and buy now?

That is the implication of the peak gold concept.

World population continues to rise.

World economies expand.

What happens if the supply of gold doesn’t expand, too?

Circle back to my prior question.

Should we run out and buy?

I am not an expert on oil drilling.

Shale oil was a pleasant surprise to me.

I am not a geologist.

Peak gold could be at hand, or some brilliant gold mining engineer could be developing the next big thing in gold production.

I don’t know.

What I do know is that gold will always have value.

I also know we live in an uncertain world.

There are risks all around.

That is why traditional investment theory says diversify.

Own your home.

Have enough cash to get through a personal interruption of income.

Own stocks.

Own bonds or other investments that yield interest.

Own gold.

Put up to 10 percent of your investible assets in gold.

Let me add here that as a coin collector, I think the best way to own gold is to be a collector of gold coins.

But gold you should own.

Whether you want collectible gold coins or investment bullion coins, always take delivery and arrange your own method of safe storage.

Afterwards, you will have diversified your investment portfolio and be in a position to benefit from any peak gold price rise.

You will also have the traditional insurance gold provides against financial market volatility and inflation of the money supply.

If you are collecting gold coins, you will also have fun.

Buzz blogger Dave Harper won the Numismatic Literary Guild Award for Best Blog for the third time in 2017 . He is editor of the weekly newspaper "Numismatic News."