Wendy is absolutely correct: “the value of gold is entirely based on psychology”.
Federal Reserve Notes are much, much more secure than gold because they are backed by US Treasury securities, which are in turn backed by the full faith and credit of the US government. Well, they used to be ... now there are bunch of junk mortgages backing US dollars, but there are still a whole lot of US Treasury securities on the Fed’s balance sheet.
So the question is, which do you put your faith in, gold or the US government?
"So the question is, which do you put your faith in, gold or the US government?"
With this administration? 3Gs
God, guns, and gold.
Perhaps your humor is too subtle for me.
I have gold and silver stored in a fire proof vault, right next to an impressive collection of firearms, that I have absolute control over. It is there to serve whatever need of mine I should desire.
Less that 100 miles from where I now sit, lies the seat of US Government in all of it’s might, though lacking some of it’s former glory at the moment. I have no control what so ever over the monster that it has become. It considers me, as a productive citizen, to be here to serve any need what so ever it should consider necessary.
I guess I have to go with the gold. At least if I have to bug out, I can take some of it with me.
GOLD and Silver too, do I win?