Buying Gold and Silver

Hello,

Here is a re-printed excerpt from another Lens on the subject of buying Gold and Silver. If you'd like to learn more, please visit all my Lenses listed below. Thank you for your visit - Enjoy!

There's an interesting article on "American Gold," American Heritage Magazine, December 24, 1984, Vol 36, Issue 1, by Q. David Bowers. That article explains how our nation grounded it's currency in gold and partly in silver - meaning every dollar we printed was backed by 100% of gold.



It was called the "Gold Standard." We remained on the Gold Standard up until 1933 when Teddy Roosevelt, our President at that time, ordered the abrupt end to the Gold Standard. It was during the Great Depression. Many Americans were hoarding gold causing Roosevelt to proclaim that all privately held gold coins were to be returned to the Government. This is also known as the era of Gold Confiscation by the Government. And, during the 1970's, all gold backing of the U.S. dollar was further removed thus making our monetary system totally dependent on the Government's valuation of our currency.



If you research further, you'll find that since 1933, the supply of money has increased simply by a nation's Government printing more money. It's called fiat money, and many will tell you that fiat money - backed by nothing - will eventually become worthless. As our Nation's debt continues to balloon, many people firmly believe that history will repeat itself. They believe that our economy and others will fail, and those who own actual physical gold and silver will be able to weather through the financial chaos that will ensue. Read more history at http://www.kwaves.com/fiat.htm. Another great resource is http://www.cmi-gold-silver.com/history-American-money.html. And, if you want to read further history about America, our Constitution, and the Gold Standard, there is a very good book on the subject. It's called "The Making of America," and I have listed it below if you wish to order it through Amazon.

Overall, reading just the articles I've read so far on this subject further justifies my concern. Even if the stock market and our economy don't collapse, it is still wise to own precious metals - especially Gold and Silver. I got caught in the tech stock market crash in the 90's, and, seeing that I've learned my lesson, the old proverb is alive and well with me. It is not wise to keep all your eggs in one proverbial basket. So, Gold and Silver - here I come!