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Silver Wheaton Corp. Message Board

  • libertee4all libertee4all May 5, 2014 9:27 PM Flag

    Bernanke: Gold is not money. Swiss banks disagree...

    You decide. In 1933 FDR signed exec order 6102 into law making it a felony for a citizen to own more than $100 worth of gold. They were instructed to go promptly to the nearest bank and exchange their ounces if gold for $20.67 of paper money. He then proceeded to devalue the currency to $35 per oz. ... That helped pay for the New Deal. A redistribution of wealth of sorts. So today it takes ~$1300 of the paper stuff to get you an oz of gold and Warren Buffett is on record as saying only fools own gold. So I wonder what you call someone holding cash over the long term. I think there are times to hold cash reserves (now as an example) to take advantage of near term buying opportunities. That being said, with all the fiat money being created in the world these days, how can anyone be bearish on gold AND silver over the longer term. Most sovereign governments are insolvent, including our own. They will either default or devalue. Either way the paper " promises" become worth a lot less relative to the physical stuff. Yes, in the beginning and the end... Gold (and other precious things) are the only lasting money.

 
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