IMHO, and obviously a minority in some circles, I have always thought that simple gold wedding bands showed more class and seriousness than any of the gaudy and overbuilt rings I have seen. It always makes me think they are covering their doubts by doing too much and going too far. Often a sign of an impending failure.

Being generally well informed your probably well aware that up until the 40s diamonds were a very small specialty market and most Americans didn't own any. That the popular view of diamonds as glamorous was a result of a Madison Avenue marketing campaign paid for by De Beers.

The link between diamonds and sex, diamonds as proof of love and commitment, the idea you prove your seriousness by offering a ring priced at three months of income are all straight out of this advertising campaign. The famous lines "Diamonds are forever" and "Diamonds are a girl's best friend" were inserted into the popular consciousness by movies and advertising under the direction of a marketing firm.

It is interesting how ideas can be manufactured, pushed and, in time, become part of the popular world view while the public simply forgets that the idea was part of a marketing campaign designed to sell a product for which few have any real use.

I don't wish to be too negative about precious metals or gemstones as an investment or hedge against inflation. As long as everyone is well aware of the mechanics and risk, independent of the marketing, hype and mythology, I have no problem with people getting into these areas.

What bothers me is the idea that somehow gold, silver, diamonds, what have you, are independent from and immune to the same market forces, manipulation, hype and mythology that all other markets are subject to. That if you Google gold or silver you get thousands of sites, almost all created by people selling these materials and gushing with enthusiasm, telling you that precious metals and gems are great investments with little risk or down side.

That you have to really dig to find any mention of the risk, an even-handed discussion of these materials being subject to market forces that can be manipulated, that prices can both soar and crash, the methods and risk of fraud in the market, or anything that questions the ability of a person to get their investment out without getting sunk by fees or depending on syndicates and major dealers.

In my experience any market where enthusiasm for getting people into it greatly exceeds the documented ability to make a profit and get out of the market is a dangerous sign of instability and a possible crash. Biomed, high-tech stocks, savings and loans, real estate, financial services, and many others followed this pattern. In my experience when a great majority are pushing an investment as a sure thing it is a very good time to stop, and think long and hard about running the other way.