What are the compelling reasons to own gold in today’s uncertain economic climate?
“Nations no longer devalue their currencies against gold, they simply print oceans of their own currencies, and with that paper they buy dollars, hoping to raise the price of dollars against their own currencies. The result is a growing sea of fiat junk paper. The greater the world ocean of fiat paper, the higher gold goes. You see, gold is the secret, unstated world standard of money. Gold can't be devalued or multiplied out of thin air. So as the various currencies of the world decline in relation to each other, gold stands alone. It can't be cheapened or devalued or bankrupted. While the currencies of the world decline in purchasing power in relation to each other, they all decline in purchasing power against gold. In other words, as time passes, it requires more of each currency to purchase one ounce of gold.
In the meantime, the US continues to spend outrageously, not only running up debts for the present but also for the children of the future. The US deficits and national debt will run into the multi-trillions in coming years.
How will these monster debts ever be paid off? They'll be paid off by devalued dollars, they'll be paid off by additional borrowing, they'll be paid off by inflation, they'll be paid off with higher taxes and probably a VAT tax, they'll be handled by projecting them into the future for other administrations to struggle with.”