Millennials Collect Sneakers not Gold?

QUESTION: Gold & the younger generation
Regarding the article ‘Gold & the Future
‘…Will they then look to gold and history? ‘
I think the following article about the younger generation putting their savings into, less durable, sneakers, is interesting:

DH

ANSWER: Yes, when I ask certain people in their 20s about investment, I find it very interesting that they never seem to mention gold. The article you highlight mentions how they are selling their sneaker collections to pay for weddings, car repairs, or bail money. Even consumer reports note the disadvantages of buying gold.

Millennials (ages 23 to 38) will become the largest generation, surpassing the Baby Boomers, in 2020. But Millennials do not have the same passion for gold. Even their fathers and mothers may not remember the gold standard and Bretton Woods. Some view that Millennials are just looking for a quick buck. They tend to be more short-term speculators is the general view. When I was making money as a trader in my teens, my father was very disappointed for he remembered an uncle who lost a lot of money in the Great Depression. Being a trader was not cool then whereas the mantra was to buy and hold bonds for the long haul.

Millennials seem to have a higher risk tolerance than the previous two generations. This means they have been less interested in owning property, fixed income, or even buying and holding stocks. They are much more concentrated in higher risks and high returns. In the last two years, only 37% of those younger than 35 invested in the stock market directly or through mutual funds, exchange-traded funds, or retirement plans such as 401(k)s at any given time, according to Gallup Polls. This has increased in 2019 to perhaps as highs as 43%. The ownership of property among Millennials is at a record low, and only about 48% even consider property as an investment. When it comes to gold, that interest drops to about 34%.

The sales pitch that had you bought Polaroid or Apple as an IPO you would be the next Warren Buffet falls on closed ears. Things do change with each generation. What was once the belief of a majority becomes the rantings of a minority. You cannot judge everyone else based upon your own beliefs. That not only applies to religion but economics as well.