over $1,100 per ounce by early 2010. In January 2017, prices were hovering around $1,191 per ounce, and

they have since increased, reaching over $1,900 by early 2022.

A final area of tangible assets consists of “collectibles” like paintings, fine wine, jewelry, antiques, or even

baseball cards. Most collectibles provide returns both in the form of services or of a potentially higher selling

price in the future. You can use paintings by hanging them on the wall; jewelry by wearing it; baseball cards by

displaying them. You can also hope to sell them someday for more than you paid for them. However, the

evidence on prices of collectibles, while scanty, is that while they may go through periods where prices

skyrocket for a time, you should not expect to make a higher-than-average rate of return over a sustained
period of time from investing in this way.

The bottom line on investing in tangible assets: rate of return—moderate, especially if you can receive
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