PM versus Gold? Phillip Morris is Winning
At various times I and the proponents of gold have debated the merits of holding PM, which does all of its business in non-U.S. currencies but reports earnings in dollars (and does some hedging), versus gold. This is a continuing story. I post in the full knowledge that after some reversal in 2012 or 2013 I'll get slapped around by frankydontfailme or someone.
Anyway, during Summer 2011 I believe it was pointed out to me by Christopher Barker that gold was crushing PM. So I fear I must point out that as of now, PM is beating gold (GLD) by over eighteen percentage points, cumulatively, from the date when I first entered PM in CAPS (2/22/2010), through today's close. (And that is not including the dividends PM has paid during that time, let alone the gain if you have reinvested dividends, as I have done. GLD has paid no dividends.)
To be fair, during this time period, silver continues to outperform PM by an even wider margin, of a little over 50%. I do not expect that to continue forever, but it is what it is at this time.
Enjoying the apocalypse,