“the value of gold is based on psychology and psychiatry, and not on anything in the realm of economics or physics”
What is the value of paper printed with a number and a few 0’s after it? Gold is a finite resource, with a long history as a store of value. Paper money has a long history of corruption, and when a gov’t has nothing tangible to back the currency with....Weimar Republic, Mexican Peso, Zimbabwe....History is repleat with examples of failed fiat currency. Hard currency has no such examples.
“Government is the only institution that can take a valuable commodity like paper and make it worthless by applying ink.” Ludwig Von Mises
Awesome to see someone busting out Mises. Needs to be done more on FR. The Austrian School of economics, as well as the Chicago School, hold the answers to liberating our economy and resolving our onerous and Byzantine monetary and fiscal systems.