If Gold is indeed a useless barbarous relic as you suggest one would wonder why the USA and other central banks still continue to hold physical Gold. After all it needs to be found, mined, refined and then stored unlike any of the paper monies it cannot be simply printed into existence.
Back in 2002 I was making money hand over fist and wanted to put it somewhere safe until my retirement so I started buying physical Gold at around $300.00 an ounce. I looked at what the idiots like Gordon Brown and John Howard were doing in regards to Gold and decided that was good indicator for me to swim against the tide.
I admit that Gold was once at USA $1,900.00 however; at over AUD $1,5000.00 and given the action in the Worlds stock markets this coming week I don’t feel even a little bit stupid in my decision to hold Gold outside of the traditional banking system.
Had I been a citizen of Cyprus or Greece I dare say I may now even be feeling a little smug! Possibly when Australia arrives at its own Greek situation my position will be further vindicated.
If nothing else Gold has at least so far allowed me to enjoy my time in retirement and travel around the World. After all I guess things could be a lot worse for me if I had no physical Gold and I could be stuck living in Mums basement in Springwood / Underwood or some other God awful place.
Of course you are more than welcome to your views I just hope your own methods of investing help you through the next few years of financial turmoil and political wreckage in Australia!
