And then soar even more! The Peter Schiff podcast is a recommended podcast on this libertyforecast sight. For years, Peter has talked about the value of owning gold and returning to the Gold Standard. His latest podcast is a commentary of gold’s progress to returning to its all-time high, and then some. While the general public may scoff at the idea of gold standard, the best reaction is to ask them to define the gold standard and why it is inferior to the current monetary system, assuming they have enough awareness to coherently define it.
In 2011, gold made an all time per-ounce price high at border-line $1,900. Even that price is far below what it should be given the amount of extreme inflation that has been infecting the entire world for several decades. Of course, today in 2020 marks nine years since the return of proximity to the all-time record.
With the Federal Reserve continuing to secretly bail out private banks, financial institutions, and other corporations and companies, inflation is going through the stars and beyond. Once gold finally breaks its all-time record, it will likely be enough to convince the market to buy even more, anticipating higher prices and values – rightfully so. Once that demand explodes, the price shall skyrocket.
One last thing to note, in 1971, Richard Nixon “temporarily” took the U.S. off the Bretton Woods Agreement whereby the U.S. Dollar could be redeemable for $35 per ounce of gold. So, let’s say your wage was $1.60 per hour back then, the minimum wage of 1971. That means you had to work nearly 22 hours to be able to buy an ounce of gold(excluding taxes, deductions and those sorts of variables). in 2020, nearly 50 years later, the price of gold is a little above $1,700 per ounce. With the federal minimum wage at $7.25 per hour, the poorest employees in our country have to work over 234 hours for that same ounce of gold, representing a decline in purchasing power by over 10-fold! How’s that for 50 years of withdrawing from the crazy, arcane, obsolete, gold standard?!
Remember that the next time anyone gives you even the tiniest flak for advocating for the return to the gold standard.