I seem to remember a radio ad for gold, in which they claimed that gold was set to soar to $2000. About 10 years ago.
Buying gold when it’s high is stupid. Buying it when it’s low is smart. Knowing what is “high” and what is “low” is the key to it all. I don’t know it.
They were peddling gold before Y2K. Still are hawking it.
How about silver?
If you buy a bunch of gold on paper, how are you supposed to access it if the SHTF? I know gold has real value, but only if you actually possess it, and not when it’s just in some portfolio.
The article explains that central banks, mostly US opponents, are turning away from the dollar for transactions and relying, at least in part, on gold as a substitute.
I really don’t see the trend of China, Russia, Iran and non-aligned nations turning away from the dollar abating. There really isn’t a reliable national currency available to replace the dollar as a new reserve currency. It’s also good that we are not seeing the emergence of a world currency like SDR which would no doubt give globalists more control.
Central Banks all around the world have been steadily accumulating bullion for over a year now.
Maybe they know something; maybe they’re all wet.
I think the old adage still hold true: watch what they do, not what they say.
The better question is, who the hell is going to want gold when/if everything were to crash?
Just look at Venezuela. People would take wheelbarrows of cash to the store for canned goods, come out, and people would leave the cash and take the wheel barrow. I just don’t see gold being of any use.
Oh Lord, it’s time for the every few years “Gold is going to skyrocket” ads on the radio!
Gold hit $2156 in February 1980!!
And now we are at around $1500 . . .
Some hedge . . unless losing money is your thing.
Don’t worry, cue the gold bugs here who will insist that without a gold standard the country is going to ruin.
To those that say that when the SHTF you can not take your gold to the store to buy a loaf of bread, consider this: you take your gold to a money changer to convert it into the existing currency at the existing daily exchange rate, then you take that currency to the store and buy your loaf of bread.
There have always have been money changers, isn’t there something, in the Bible, about Jesus running the money changers out of the Temple.
I know from first hand experience that there was a street, in Saigon, where there were many gold dealers, where the crafty Viet Nam women would buy and sell gold. They converted their paper money to gold which would always have value no matter what the paper money did.
Money exchangers will always be available to those who have gold to sell at the existing rate of the local currency.