James Turk of the GoldMoney Foundation speaks about currency devaluation and the rising gold price. How the gold price is rising against all major currencies and monetary policy is political, having abandoned all pretense of seeking monetary stability. He warns of the dangers of a hyperinflationary crisis. James also explains why gold should be considered money and not an investment.
When he says “Gold does not create wealth, it only preserves Wealth”- your own charts disprove this theory. Not only is Gold rising in all major currencies, it is also rising in value compared to other commodities as well. As an example, in 2008, Gold topped at around $1000/oz, while Gasoline was almost $5/gallon at the pump. Today, Gold is over $1500/oz while Gas is around $4/gallon. This represents an 88% increase in purchasing power of Gold over Gasoline in just 3 short years.
He also talks of the coming dollar collapse and the waterfall decline in the dollar, especially since Ben Bernanke’s words on QE. He talks of different examples of hyperinflation from paper money hyperinflation in Weimar Germany to deposit currency hyperinflation in Argentina. The presentation was held on 29 April 2011 in Munich, Germany.
The US went off the gold standard and to a fiat system not US oil system. The US dollar was already pegged to oil after WW2. As the US made a deal with Saudi Arabia to protect their oil interests if they could peg the dollar to oil. That happened after ww2. Breton Woods agreement happened when Nixon took the US off the gold standard. My point was gold was a terrible investment from 1980 till today. As you still have not even made a profit after 30 years .
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