When will this meme die?
It's not the 1800's anymore grandpa.
Perhaps at one time gold was the easiest, most comfortable way of storing and transacting units of value, but we live in the age of credit cards. Gold is just a commodity like any other, one with a very limited range of applications. Gold mining operations fluctuate their supply just like any other commodity on the market, this is hardly a stable monetary unit free from the fluctuations of the market.
Fiat money will always be subject to political pressure, I agree with you there. But it's likely that any future asset-backed currency will be tied to a basket of various commodities. Currencies will compete with each other to provide the most stable baskets.
You might have one currency backed by 10% gold, 15% oil, 30% mutual funds and 45% government bonds.
You might have another backed by 15% gold, 25% oil, 25% corporate debt and 35% municipal bonds.
Likely the currency which predominates in a certain country will mirror that country's production output. For example: Saudi Arabia produces a lot of oil, the price of oil floats their economy. Therefore an oil-backed currency makes sense.
Rather than a centrally managed money supply, competing currencies will provide a better alternative. Obviously these currencies will have to have some government oversight, and will likely have to be registered with the central authority. But there's no reason to go full fiat if you don't have a war to fight.
>>1170115
Gold looks pretty, and the weight feels nice in your hand.
I keep a few gold coins lying around my desk; it's nice to toy with them while thinking. They also make really nice paperweights.
I don't consider them a serious part of my investments; just something that helps me focus on making money. Each one has a story behind why I bought it; to celebrate a success.
Private property rights are enforced by governments and so should the currency. im a fan of Schiff and his hearts in the right place. But his solution to the problem is not. Americans simply need to heed his advice and start saving to consume/invest. Not borrow to consume/invest.
>>1170115
>When will this meme die?
I like gold though.
It's too expensive right now, but when it's cheap I'll buy some again.
>>1170964
It'll be cheap if the dollars strong. If you think the dollars gonna be strong in the future, then you're a fucking retard.
>>1171023
yeah but it loses value against inflation steadily
mostly because of all the paper gold in circulation
gold has had value for 5000 years
all fiat currencies eventually return to zero
but you're right rhat Schiff is behind the times - the future is crypto
>>1171122
We live in an economy where old people have the majority of the wealth. You are proposing we use a currency that old people don't understand and don't even know how to buy?
>>1171130
>You are proposing we use a currency that old people don't understand and don't even know how to buy?
of course. if they won't allow newer generations accumulate wealth then we simply switch to a new system.
>>1170115
>It's not the 1800's anymore grandpa.
Your grasp of the obvious is impressive.
-Your Grampa
>>1171130
>future
Google the definition
>>1171023
I think we have a problem of semantics?
>>1171186
Sure fgt, Bitcoin will be around in 40 years when we have quantum computers.
>>1171198
Why would you buy gold when Ford was 2 dollars a share and the Fed had just lowered interest rates to zero percent you dumb bitch? If it happens again, the FED can't go to negative 5 percent.
Stop arguing with daddy kids.
>>1171230
Why are you calling me a retard when I show you a chart that shows gold crashed when the dollar crashed? Are you that insecure?
>>1170115
The real story although rarely expressed:
The gold bug nuts are right in that fiat money is inherently worthless and only commodities like gold have real value.
They're wrong about closing the Federal Reserve and ending fiat money as the modern economy can't function like that.
What does this mean? The broader economy should use fiat money, but individuals should hold some percentage of their assets in commodities which are portable, durable, divisible and uniform - like gold.
>>1171230
crypto can be made quantum safe
>>1171250
Gold is a hedge against:
-Taxation.
That's why people are digging up pots of buried Roman coins today still.
It's why tonnes of the stuff has gone missing over the years in forests, and holes in the ground.
Gold and silver will do okay based on what's coming up.
Equities will do better.
>>1171230
interestingly enough gold, like bitcoin is very hard to trace... making it like a universal currency.
but with the collapse of the silk road, and the mainstream attention that has been turned towards bitcoin... its value is highly uncertain... i think.. idk
>>1171250
>The gold bug nuts are right in that fiat money is inherently worthless and only commodities like gold have real value.
Inherent value doesn't exist. Only functional value exists. Humans attach value to arbitrary items. What matters is what item a large amount of people put their trust in, and in a modern society, fiat currency is that item.
TLDR; you have been fooled by goldhoarding sub 100-iq meatheads.
>>1171431
>but with the collapse of the silk road
SR 2.0 was up within days of the collapse of the original site. The bitcoin-based, .onion-linked drug trade is now larger than ever before.
