Today’s action in the gold price is further testimony to the wisdom of octogenarian investment newsletter writer Richard Russell. While gold dropped to $1685 in early trading, an hour later it has already recovered over $20 of that drop.
Here is what Richard Russell had to say recently:
“Gold-lovers are obsessed with the daily price of gold. This is a waste of time. The real question is how much of your assets are in gold? Gold is the one single universal test of wealth and purchasing power. At one time, a measure of wealth could be answered by How much gold do you own? At various intervals in history, fiat money wasnt considered wealth. This is all you have to know about gold. Periodically, there are times when only gold is considered wealth.
“At the bottom of the Great Depression in July, 1932, the Dow was selling at 41, down 89% from its 1929 high. But gold was selling at twenty dollars an ounce, and you could buy anything if you had enough gold. In 1932 people hated stocks, but they continued to lust for gold.”
Recently I revised my own gold spreadsheet to tally ounces instead of just dollars.
The governments of this world are fully committed to destroying every fiat currency currently in use (and they are ALL fiat, save gold (and silver)).
Are you protecting your wealth by storing it in gold?
Buy gold at a good price, storing it safely, store it offshore, use BullionVault; we do.