What motivates most gold purchasers is their belief that the ranks of the fearful will grow ... As 'bandwagon' investors join any party, they create their own truth - for a while.
We have made it possible, without gold and without foreign exchange, to maintain the value of the German mark. Behind the German mark stands the German capacity for work, while some foreign countries, suffocated by gold, have been compelled to devalue their currencies.
Gold, unlike all other commodities, is a currency...and the major thrust in the demand for gold is not for jewelry. It's not for anything other than an escape from what is perceived to be a fiat money system, paper money, that seems to be deteriorating.
To lese-majeste and contempt of court, we must add the crime of lese-million, that fearful indignity we visit on the rich when we expose the impotence of gold.
Eventually we grow weary of seeking treasures outside
ourselves and we begin to look within. There we discover
that the gold we sought, we already are.
How strange a thing this is! The Priest telleth me that the Soul is worth all the gold in the world, and the merchants say that it is not worth a clipped piece of silver.
These joys were so trifling as to be as imperceptible as grains of gold among the sand, and in moments of depression she saw nothing but the sand; yet there were brighter moments when she felt nothing but joy, saw nothing but the gold.
Remember what we're looking at. Gold is a currency. It is still, by all evidence, a premier currency, that no fiat currency, including the dollar, can match.
You could take all the gold that's ever been mined, and it would fill a cube 67 feet in each direction. For what that's worth at current gold prices, you could buy all -- not some -- all of the farmland in the United States. Plus, you could buy 10 Exxon Mobils, plus have $1 trillion of walking-around money. Or you could have a big cube of metal. Which would you take? Which is going to produce more value?
Along the avenue of cypresses,
All in their scarlet cloaks and surplices
Of linen, go the chanting choristers,
The priests in gold and black, the villagers. . . .