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<p>[QUOTE=&quot;kaparthy, post: 3896595, member: 57463&quot;]Thanks for the opening question Lev. See my article here on &quot;The Future of Numismatics&quot; from the ANA convention.</p><p><br /></p><p><br /></p><p><br /></p><p>New inventions, both material and ideal, will alter the forms and formats of money, but the old media will not vanish. Lots of people still ride horses. Consider that even in a world with submachine pistols, nothing would astound an ancient more than a Swiss Army Knife. I work in a machine shop with all kinds of modern smart tools and we still have hammers and chisels.</p><p><br /></p><p>That said, a major disruption in the economies around us will, indeed (guaranteed) bring an end to this system and the start of something similar but different.</p><p><br /></p><p><br /></p><p><br /></p><p>I disagree on several grounds. First of all, we do still have gold and silver coins. The US Mint and others sell them by the ton. The US Mint will take those FRNs and sell you a gold coin for them. That is a gold-backed currency.</p><p><br /></p><p>Moreover, there is only so much gold and silver in the universe and we can guess how much that is. As new inventions are created, the value of precious metals increases relative to them. It takes less and less to buy more and more. Hard money gains in value over time.</p><p><br /></p><p>Furthermore, it is a Keynesian pipe dream to think that we have or need &quot;stable prices.&quot; The relative value of everything from shoelaces to space satellites from retail clerking to research physics changes all the time -- and somewhat differently in different spaces at different times.</p><p><br /></p><p>What, in your opinion, would cause a &quot;spike in metal prices&quot; that would result in &quot;slamming the brakes on commerce&quot;?&nbsp; I am asking because I believe that you have cause and effect reversed. In times of trouble (&quot;slamming the brakes on commerce&quot; - war, for instance) people turn to the stability of precious metals.</p><p><br /></p><p>For that reason alone, I see world mints continuing to make and sell gold and silver coins.</p><p><br /></p><p>You might think that &quot;no one&quot; spends them today. It just depends on which circles you socialize in.&nbsp; I assure you that if you run out of gas in West Texas, a silver round will do you better than your cellphone.[/QUOTE]</p><p><br /></p>

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