GOLD (COMEX) Real Gold Price Lowest in 50 Years (Egon von Greyerz)

Originally posted by dub ↑

jfi -

Real Gold Price Lowest in 50 Years
Egon von Greyerz
December 20, 2018

an extract -

".... WE COME WITH NOTHING AND LEAVE WITH NOTHING

It is interesting how few people, especially in the West, heed the wise words of Plato. We all come into this world alone with absolutely nothing and we leave the world in the same way – alone with nothing. And in between most people try to accumulate as many possessions as they possibly can although we can take nothing with us when we leave. I have recently had discussions with a couple of different friends who have expressed content with what they have and are in no need of amassing material wealth. These are both people of great intellect and integrity and also with many interests which are both stimulating and free. It is refreshingly uplifting to meet such people who are totally contented with their lives.

Interestingly, both these people are holding gold. Most people, clients or friends, we know who own gold, do not hold it in order to become wealthy. They do it because they see the unprecedented risks in the world, in markets and in the financial system. They see gold as the best form of insurance or wealth preservation against these risks. Anyone who buys gold to make short term gains has misunderstood the purpose of holding physical gold.

Gold is not a “get rich quick” investment. The people who buy gold when it goes up and sell when it goes down are just opportunistic speculators. They don’t understand the purpose of holding gold. Gold is not an investment. Gold is money and the only money which has survived in history. Over time, gold assures stable purchasing power. One ounce of gold buys a good quality suit for a man, just like it did 2,000 years ago. ... "

dub

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" I have recently had discussions with a couple of different friends who have expressed content with what they have and are in no need of amassing material wealth. "
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Are these folks who have already made their fortune and now just want to preserve it? For every day folks like us mugs, we need a steady income in order to survive. If there isn't much to protect relatively speaking then what is the point of buying insurance?

I need fiat $ to survive, not eye candy opening up my safe for vision euphoria. If I had those millions of $$ that I am sick of getting a 2% in the Fix Deposit at the risk of a bank failure I might change my strategy. My objective differs from those who has a lot of wealth to lose and nothing much more to gain psychologically speaking.

Now is for gold to shine especially as the sheet storm is coming!