[mugs99]

Absent a fiat currency collapse does gold always protect your wealth?
Yes. The purchasing power of gold remains the same. One ounce of gold will buy you a good suit no matter the spot price of gold. Fiat currency has no value. It is an IOU.

When I can't trade my interest and dividends for food, no one will be living high on the hog
But those with gold will be living better than those without. After the crash of '29, many had to trade their cars for food. Those with gold drove the finest automobiles.
.

[BeHoldAPaleHorse]

"Yes. The purchasing power of gold remains the same. One ounce of gold will buy you a good suit no matter the spot price of gold."

I once believed that, until I saw someone try to buy a suit with an ounce of gold. The store owner threw him out.

"But those with gold will be living better than those without. After the crash of '29, many had to trade their cars for food. Those with gold drove the finest automobiles."

The folks who drove the finest automobiles after the crash were the same folks who drove them before the crash.

[Toddsterpatriot]

Yes. The purchasing power of gold remains the same.

That's funny. How much did a $900 ounce of gold buy in 1980? How much does a $500 ounce of gold buy today? The same amount?

[Toddsterpatriot]

Fiat currency has no value. It is an IOU.

That's funny too! I just bought some food with my fiat money. It must have some value after all. I bet I could even buy gold with fiat money. My fiat money must be really valuable if I can get people to give me that valuable gold for it!!!