Great read:
kitco.com
Some out takes:
<Dollar inflation (i.e., the loss of purchasing power) has grown in intensity since the establishment of the Federal Reserve in 1913. By year-end 2003, based on CPI inflation, the dollar had lost 96% of its purchasing power. In the period from the early 1940s to 2003, 91% of that loss occurred. Since President Nixon closed the gold window to foreigners in 1971, ending any tie to gold, the dollar by year-end 2003 had lost 78% of its purchasing power>
<The gathering economic storm and approaching money/credit inflection point is providing holders of wealth, dominated in the dollar or any other fiat paper money, a chance to secure protection in the gold arena at historically low price levels. Whether it be a position in the physical metal (the ultimate) or gold in the ground via a well-chosen portfolio of gold mining stocks, or both, some significant diversification away from a world of pure paper fiat money has never been more appropriate.
Those with wealth centered only in paper assets, including real estate, should perhaps begin to ask themselves if they will end up having been as smart as a French peasant.>> |
