Wow. I just read a convincing article from Mike Ruppert about buying gold as a stopgap between this shitty economic paradigm and the steady state/no-growth one to come (really there's no other choice because if we keep choosing infinite growth then we are dead and sadly most of life on earth along with us). It's a good article and I encourage you to check it out.
I feel a bit like the potato guy in the story who thinks potatoes are valuable, certainly more than gold and cash (or bullshit numbers in a computer somewhere). Though Ruppert makes the case that potatoes will be valuable in 10-50 years, they are not valuable now nor will they be valuable in the transition period. So I'm a bit ahead of myself perhaps (certainly lots of potatoes in the ground).
I just had a quick look at the Royal Canadian Mint and it looks like some of their stock is running out. So obviously someone is taking his advice (and the advice of other sages). They are sold out of 1 oz gold wafers--pure gold! The funniest thing is that they have special coins for what we value as a society (an RCMP coin, an oil and gas coin, an Olympics coin and a Navy coin). But they are not pure gold or silver (is that ironic?) and are therefore of lesser value than a pure gold or silver wafer.
So what do you think? Should I buy some gold and silver? If I can that is.
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The problem is of course that if we all start buying gold then we'll push gold consumption and encourage all these new mines.
ReplyDeleteAnd today I saw an article about how the Federal Reserve is going to increase quantitative easing. This means increasing the money supply. After the article were some great comments. One stood out:
"allow me to translate this for Joe Bloggs: turn your $ € £ into gold right now otherwise you'll be withdrawing toilet paper from your ATM in the not too distant future"
Pretty simple and great analysis.