"Gold price fixing." That doesn't sound quite right, does it? That's what I thought, anyway, when I first read it. All that means is that a set of banks "fixes" the price of gold (or spot gold price) twice a day, giving it its value.
In 1913, gold was "fixed" at $0.40 per $1.00 of paper currency. In 1933, it was up to $0.59 per $1.00 paper dollar. At this time, gold was pouring into the U.S. because foreign countries were getting $35.00 paper dollars an ounce. Today, the gold spot fixing takes place on the phone, still twice a day, at 10:30 and 15:00 GMT.
In 2009, Obama spent $2 TRILLION more than he took in, and PRINTED another $1 TRILLION. How much do you suspect that paper money is worth? While gold prices continue to go up, the dollar continues to degrade. It is virtually worthless.
So what does this mean for "Joe American?" To me, it says invest in gold. Gold has stood the test of time, through all the ups and down this country has had from the Great Depression to the current economic shambles were currently face.
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2 comments:
Excellent information...thanks for sharing it! Now to find a place to buy gold$$$
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