Wednesday, August 16, 2017

Gold Price: USD 65,000/oz in 5 years?

I laugh when people tell me a return to a gold standard is impossible because, in their own words, "there is not enough gold." They should listen to themselves. What does scarcity imply? There is always enough gold to back a currency. The only question then becomes at what price? The money-printing madness will come to a terminal end at some point. And it won't be pretty.

The same people also laughed when Bitcoin advocates were touting Bitcoin's virtues when it was ten cents.  Now that it's $3400, the critics aren't laughing anymore.  And guess what?  Gold is a safer haven than cryptocurrencies will ever be.  Ask anybody who's been hacked or had their Bitcoin stolen, or when a Bitcoin exchanged collapsed.  Two wrongs don't make a right.

https://www.bullionstar.com/blogs/bullionstar/gold-price-usd-65000oz-in-5-years-2/

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