[An Old Man]

The author recomends a book which is referenced throuout the article:

A book I strongly recommend to anyone concerned about current economic conditions, prospects, and wealth growth and preservation, and who is a disbeliever in the efficacy of fiat currencies is Gold, The Once and Future Money, Nathan Lewis, John Wiley & Sons, Inc., 2007. This book is available at most bookstores and at Amazon.com.

The book quotes Alan Greenspan in 1999 as saying:

“Gold still represents the ultimate form of payment in the world. Fiat money in extremis is accepted by nobody. Gold is always accepted.”

This statement was made before the serious loss in manufacturing jobs (simplistically over 21% from 2000 to 2007) and enormous escalation in the cumulative U.S. net trade deficits that has subsequently occurred (approximately U.S.$2 trillion from 1999 to U.S.$6.5 trillion by December, 2007 and growing) – see the Economic Research tab of StockResearchPortal.com for detailed charts reflecting these statistics.

In view of the current state of the US Dollar, I thought reviewing some of the points made by the author would be appropriate.

[screaminsunshine]

Can’t eat it. Spam is a better investment. I was able to get a couple cases yesterday.

[whitedog57]

Great.

Everyone buys gold, driving up the price. Then news is released that the economy is improving and gold prices tank.

So, what we did for the housing market bubble, the hucksters are doing for the gold market.

[willgolfforfood]

This part is highly debatable, to say the least:

a ‘gold standard’ forces governments to be fiscally responsible and provides a stable economic environment and that the adoption of a ‘non-gold standard environment’ operated with fiat currencies (i.e. currencies not backed by gold) will never do,

[SouthDixie]

does not tarnish

Gold does tarnish, it is a matter of grade that allows it to tarnish more or less.

[I see my hands]

"Once and Future Money"

For the nonce stores, arms, and raw land are what I am hoarding.

[albie]

Glenn Beck is always screaming to “buy gold”. I called the Gold place he endorses and got the hard sell. I made a “verbal” purchase, and said I’d back it up with the cash or decide against the purchase within 24 hours. When I said no the guy went ballistic! Said I was the 1st guy ever to bow out of a deal. Nothing on paper and no actual obligation was made verbally. I’ll take the Spam an earlier post suggested. Great nuked with mayo and wonder bread!

[Lokibob]

I am a firm believer in keeping 10% of your assets in gold, 5% in silver, and 1% in lead, to protect the other two.

.....Bob

[Oldpuppymax]

Yes, but as Big Brother cannot print it or control its value, it is of no use to those trying to “get ahead” in politics.

[ScreamingFist]

I saw an interesting video the other day....it said gold should NOT be a standard for the US, we don’t have enough mineable gold. Silver on the other hand, we have in abundance....

[snarkpup]

Back in the '80s I looked into precious metals as a potential investment. I got several coin magazines and read the articles and editorials. A common theme was that Wall Street traders with no experience in metals were bidding prices up to the point where hobbyists were priced out of the market. I decided this was nature's way of saying "Stay away!" Sure enough, it was a market top.

The hype today blows away what we had back then by an order of magnitude: Radio commercials that sound like criminal enterprises scream at me every five or ten minutes that I'd better buy gold from them or I'll be in big trouble. Talk show hosts almost unanimously beg the public to pull out of the economy and speculate in gold.

[PushinTin]

Ammunition is a MUCH better investment....

[Sawdring]

[sbark]

Place your bets.....Hyper Inflation or deflation.

The amount of money the Fed is dropping into the economy is beyond comprehension.......GW wants more...asap.....

The dollar will become so diluted in value.....Treas. rates @ zero......Investors wont be stupid forever.....