Instead of writing an article and trying to explain why I have been a proponent of holding precious metals as portfolio insurance, I will yield to the following from Dollar Daze. As Central Banks have gone off any Gold or Silver Standard, they have been able to create money backed by nothing. Here is the result. Today, gold closed over $1100 per ounce. As it rises, the value of the dollars in your wallet go down…
Under the US Mint Act of 1792, the dollar was defined as 371.25 grains of silver. There are 480 grains in a troy ounce. Thus it took 1.3 US dollars to purchase a single troy ounce of pure silver. As of January 7, 2009 the price of a troy ounce of silver is US$11.22, representing a 89.5% drop in value! With today’s close over $17 you get the picture…
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