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<p>[QUOTE="jmaichel, post: 824931, member: 23619"]Interesting topic.</p><p><br /></p><p>Gold has been coveted for over 5000 years. Before discovered any practical use for gold, it was used for ornamental decoration on tombs, statues, cathedrals, temples just to name a few. Eventually is was used a currency and a form of the " the gold standard" was adopted by many including the US and then private gold ownership was outlawed by FDR in 1933 and the gold standard went away. Then in 1946 we a system of fixed exchange rates were we bought gold from other countries for a fixed price (around $35 ounce). In 1971 Nixon ended trading gold at a fixed price and economic systems based on converting gold into currency and are now based on whats called a system of fiat money, "money that is intrinsically useless; is used only as a medium of exchange." The value of money is set by the supply and demand for that money and the supply and demand for goods and services. If the US was hit with a major economic crisis (I mean a real one not just recession) and the dollar hit almost 0, the money that you had in your account would be useless. However, the gold you had would still have significant value because it can be bought and sold in other countries, so in essence you could start over somewhere else if you had enough gold. I am not a bullion investor, I believe there are other investments that are better than precious metals but I like collecting coins because there unique and part of our history. If the US did a major economic meltdown and the value of the dollar went to 0, I think I would have much bigger problems then not owning any gold IMHO. Good topic though...sorry if I rambled on.[/QUOTE]</p><p><br /></p>
[QUOTE="jmaichel, post: 824931, member: 23619"]Interesting topic. Gold has been coveted for over 5000 years. Before discovered any practical use for gold, it was used for ornamental decoration on tombs, statues, cathedrals, temples just to name a few. Eventually is was used a currency and a form of the " the gold standard" was adopted by many including the US and then private gold ownership was outlawed by FDR in 1933 and the gold standard went away. Then in 1946 we a system of fixed exchange rates were we bought gold from other countries for a fixed price (around $35 ounce). In 1971 Nixon ended trading gold at a fixed price and economic systems based on converting gold into currency and are now based on whats called a system of fiat money, "money that is intrinsically useless; is used only as a medium of exchange." The value of money is set by the supply and demand for that money and the supply and demand for goods and services. If the US was hit with a major economic crisis (I mean a real one not just recession) and the dollar hit almost 0, the money that you had in your account would be useless. However, the gold you had would still have significant value because it can be bought and sold in other countries, so in essence you could start over somewhere else if you had enough gold. I am not a bullion investor, I believe there are other investments that are better than precious metals but I like collecting coins because there unique and part of our history. If the US did a major economic meltdown and the value of the dollar went to 0, I think I would have much bigger problems then not owning any gold IMHO. Good topic though...sorry if I rambled on.[/QUOTE]
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Gold, platinum, silver that's availible - are people fooling themselves?
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