-——gold confiscation happened AFTER it had appreciated substantially-——
Not only that but most of the world had been off the gold standard for 6 years before Roosevelt made the move. He had no choice. Had he maintained the fixed price all the gold would have been sold off
People are America centric not realizing (or admitting) our economy is part of the world economy. The depression and the end of the gold standard were not really American events. The world was involved.
Why do some fear gold? Ignorance mostly. There are those who extrapolate hard times into catastrophe and chaos, believing in their hearts that ammo is the supreme. The likely hood of trading ammo for anything is so remote it is laughable. There have been innumerable panics and hard times but never one where times were so bad that ammo or any thing similar was the medium of exchange. Gold or silver coins will never be the medium of exchange on a world scale.
The question that should be considered is Gold ( or silver or land or canned goods or any hard asset besides ammo ) a better investment than government bonds or savings accounts or certificates or deposit or cash in the mattress?
The answer is yes. In an inflationary economy, hard assets are a very good way to preserve wealth.
People who have no money to invest need not concern themselves with the question
People who have no money to invest need not concern themselves with the question...