"In short, what happens when nobody wants to sell their gold for paper money. They just say 'oh, no thanks, I will just keep my real money (gold).'
If gold hit $10,000 an ounce today what would the holders of gold do? Trample over each other in a stampede to convert it to paper money.
Any asset of value is always looked as a conversion to paper money, what that money will buy. Paper money can only be devalued by inflation. Bullion, shares, gems...whatever...get valued and devalued with speculation.
ultimate bubble is paper money, page-5
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