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Gold/Mining/Energy : Gold and Silver Mining Stocks
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To: Brumell who wrote (2055)9/12/2001 3:26:18 PM
From: Claude Cormier  Read Replies (3) of 4051
 
I think that these people have expressed more than I can why gold is money:

"Gold still represents the ultimate form of payment in the world."
— Alan Greenspan, May 1999,
Testimony before US House Banking Committee

"Trade between nations, whether free enterprise or socialistic, depends, in the last analysis,
upon mutual trust and confidence. Gold supplies that ingredient."
— Senator Barry Goldwater

"Paper money eventually goes down to its intrinsic value - zero."
— Voltaire, 1729

"Gold is an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist."
— Ayn Rand, Atlas Shrugged

"The reason for using a commodity as money is precisely to prevent any political influence from affecting directly the value of the monetary unit. Gold is not the standard money solely on account of its brilliance or its physical and chemical characteristics. Gold is the standard of money primarily because an increase or decrease in the available quantity is independent of the orders issued by political authorities".
— Ludwig von Mises 1923 On the Manipulation of Money and Credit.

But if you want my definition... gold is a medium of exchange that I can trust because I know that, despite its volatility, it will maintain its purchasing power all over the world, over decades and centuries. That is why I could buy a small bungalow with 1 kilo of gold some 50 years ago and I still can today.
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