The gold standard

When I was very young, I can remember learning about how the American monetary system was backed by gold that was stored in Fort Knox.  I thought that was fascinating, and I was rather disappointed when the system stopped being backed by gold.  I can remember I was still in school when it happened, and our teacher told us that the system was now based on “scrip.”  That never made much sense to me! 

As an adult, I purchase gold and silver when I get the chance.  A friend of mine used to work for a company that dealt in stamps and coins, and he got me interested and started and taught me how to purchase gold coins and purchase gold bullion as a hedge against the fluctuations of the stock market.  Sure, the prices of precious metals fluctuate, but the do have a history of increasing their value a lot more consistantly than the stock market!  So I encourage my kids to purchase gold coin and purchase bullion as investment choices when they tell me that they are looking for ways to invest their money.

No Comments

No comments yet.

RSS feed for comments on this post. TrackBack URI

Leave a comment

You must be logged in to post a comment.