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Peter Thiel commented on Paulson’s obsession with gold today in an interview with Big Think<\/a>.<\/p>\n Thiel says, “think of gold as not a protection against inflation, but as an anti-investment. You invest in gold when there’s nothing good to invest in.”<\/p>\n The Pay-Pal co-founder is now manager of the Clarium Capital Management hedge fund, which is is down 16.4%<\/a> so far this year.<\/p>\n His November 13-F<\/a> filing shows that he has a small stake in SPDR gold trust. He is more heavily invested in Nike, Toyota, and other commodities.<\/p>\n “If you believe in inflation,” he says, “you should probably be investing in land in India, or some sort of inflationary asset that does really well if you have crazy runaway inflation.<\/p>\n “But if you believe that it’s going to be very hard to make good returns on investments, and that could [either] be an inflationary environment or it can be a deflationary environment, then gold becomes relatively attractive.”<\/p>\n See the full What Went Wrong series on Big Think.<\/a><\/p>\n