I have to side with Traditional Farmer. If gold is just a commodity, why do central banks the world over hold tonnes of it in vaults as "reserves"? Thousands of years and countless transactions have determined that gold and silver (silver has been used as money more than gold) were the best items to hold and preserve ones wealth until they decided to use it to obtain something. All paper currencies ever used in history have eventually collapsed, and the dollar will too. Paper has never been determined to be a store of value. In every instance, it was used as a receipt for gold or silver stored in a warehouse(bank), and eventually had the gold backing removed from it. At that point, the currency is eventually going to fail. Our dollar was backed at least partially by gold until 1971. We've been running on empty since then, and it's starting to show. If you don't think gold is money, answer these questions:
What did the egyptians bury their kings with? What did the three wise men bring as gifts to the child Jesus? What did Spain, England and other European countries haul back from the new world in armadas of ships? What caused the huge population rush westward in 1849, and also to Alaska? It wasn't paper, or the promise of a government. It was gold.
The big sell off the other day was in paper gold (ETFs). As we speak there are beginning to appear holes in the physical supply. Those that know are buying pyhsical gold and holding on to it, because they know how bad the entire western world is at financially.
Paper currencies, bonds, stocks, whatever, are investments in debt. If you're okay with that then go for it. I changed my mind several years back, and now I try to keep the wealth I have in physical metals.
If you think paper currencies are great, think about this: In 1998 gas was $1.47 and silver was around $4.50 an ounce. That means you could buy 2 1/2 gallons of gas with an ounce of silver. Today the exact same ounce of silver will buy you (gas at $3.43 here right now), even with the recent drop, about 6.7 gallons, while your paper dollar will buy less than 1/3 of a gallon.
Call me a gold bug if you want, but I'm in the hard metal camp.
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Today's Featured Article - Harvestin Hay: The Early Years (Part 2) - by Pat Browning. The summer of 1950 was the start of a new era in farming for our family. I was thirteen, and Kathy (my oldest sister) was seven. At this age, I believed tractor farming was the only way, hot stuff -- and given a chance I probably would have used the tractor, Dad's first, a 1936 Model "A" John Deere, to go bring in the cows! And I think Dad was ready for some automation too. And so it was that we acquired a good, used J. I. Case, wire tie hay baler. In addition to a person to drive th
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