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Gold/Mining/Energy : Global Platinum & Gold (GPGI)
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To: Odi Handoko who wrote (4698)1/9/1998 9:26:00 AM
From: Henry Volquardsen  Read Replies (1) of 14226
 
Now the greenback is stong but what is backing it?

The assets of the US government, the productivity of the US economy and the tax revenues that the goverment can call on. The greenback is also backed by the borrowers willingness to repay debts at a rate that exceeds inflation and a proven track record of repaying debts.

What is gold backed by? It's pretty and people like to wear it. Yes it is in immutable but that is not a major concern for currencies. It is not easily portable in large amounts. Not only do you not earn anything for holding it, you have to pay for storage. It is to expensive at current prices for widespread industrial use.

This theory that gold is more valuable than paper currencies because there is nothing backing the paper currencies is a fiction.
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