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14/03/17

15:44

Post #: 23336463
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Originally posted by Crom Valen ↑

http://www.*****.com/commentaries/2017-02-24/Why-You-Should-Care-About-The-Debt-Ceiling.html

Rising Deficits Are Bullish For Gold
At the end of the day rising debt levels degrades the value of the U.S. currency. This compares to the intrinsic value of the gold with no counterparty risk. Here is what Alan Greenspan, Chairman of the Federal Reserve from 1987 to 2006, said in the February 2017 issue of the Gold Investor:
"I view gold as the primary global currency. It is the only currency, along with silver, that does not require a counterparty signature…No one refuses gold as payment to discharge an obligation."
The former Fed chair added: "Credit instruments and fiat currency depend on the credit worthiness of a counterparty…Gold, along with silver, is one of the only currencies that has an intrinsic value. It has always been that way. No one questions its value."

As governments ultimately devalue their currency's purchasing power by taking on greater amounts of debt, gold is an investment that retains its value and is not vulnerable to the whims of a government printing press, or rising debt levels.

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Alan Greenspan's 91, things change over the years, but Alan hasn't, he's still hankering for the good ol' days when gold was shipped around the world in exchange for goods, now it's done digitally, but Alan doesn't get it.

No problem, when you get old, which we all will, we'll have trouble adjusting to new technology.
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Top Stories

Medallion Metals kicking off 15,000m drill run at Ravensthorpe gold play

Mako sniffs gold at 170 g/t at Cote d’Ivoire's Napié play

Metals Australia kicking off plant study at Lac Carheil; Canadian tariff tailwind potential

Utah authorities sign off on Anson's lithium extraction plans at Green River

Antipa divests its Citadel interest to JV partner Rio for A$17M, refocuses on Minyari Dome

Enova Mining unveils "high-grade" REE drill hits at Coda North, Brazil

Week 37 Wrap: HotCopper likes Cuban oil; markets shrug debate off for Putin; firebrand quant says social media a market threat

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