The Fallacy of Gold and Primacy of Silver
The decade long flight of wealth from fiat values and naked stocks, to gold, as a safe haven to guard against economical chaos and worldwide depression, is an inquisitive aberration of market conjecture. Considering the large amount of information available to those wealthy enough to be able to own gold, and the history of gold and silver as money to be used for purchasing consumables; one wonders why companies, banking companies, and folks of riches, along with their financial advisors, are so inadequately informed about the impracticality of owning gold as a potential emergency money for individuals and businesses; especially considering the current very distorted relative value of gold to sterling silver.
Since I am more than sixty years of age I can reminisce that I grew up with silver profit my pocket, though I do never recall even finding any gold money; and mother and father, grandpa and grandma, and great grandparents all had silver profit their pockets, nor did they ever speak of having or using gold as money.
While silver was domestic money for more than 100-years here in the U. S., both as coin and money backed by silver; and was employed by consumers to acquire their food, clothes, and shelter. Gold, on the other hand, has recently been employed by governments, banks, and international businesses during the past century to decide international trade accounts, and not as domestic money. Both gold and metallic ceased to be used as money by banking institutions and government by the year of 1971. So buying gold to hold for an later use as domestic money to get consumables is amazingly silly, if not downright stupid.
