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?
I went to the circus, and loafed around the back side till the watchman went by, and then dived in under the tent. I had my twenty-dollar gold piece and some other money, but I reckoned I better save it.... I ain't opposed to spending money on circuses, when there ain't no other way, but there ain't no use in wasting it on them.
Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.
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.
[Gold] gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.
All the manifested world of things and beings are projected by imagination upon the substratum which is the Eternal All-pervading Vishnu, whose nature is Existence-Intelligence; just as the different ornaments are all made out of the same gold.
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.