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Another Big Week for Gold

RICH4818 Wrote: Aug 27, 2012 6:30 PM
The Gold Standard is outdated; your money backed by a commodity-phew? Do we really want our labor and capital spent on digging holes in the ground searching for a metal that really doesn't have much use anymore? In today's world, we make large bank transfers electronically not by moving palets of gold from one location to another. So our paper money would say backed by gold or silver but who do you trust to verify there is any gold or silver in the vault--somewhere? Face it, we are at the mercy of our government and do you really want to be barricaded in your home, hovering over your pile of gold with gun in hand?

There were big numbers for gold last week, the kind of upside numbers we haven’t seen in a long time. 

Gold ended the week at $1,669.90 and silver traded up to $30.78, for a silver/gold ratio of 54.2, one of the lowest readings since January. 

In the media this week we found speculation about a plan to return the nation to the gold standard.  My position on a return to the gold standard is that would be a really bad idea for the U.S. to make that move unilaterally.  We would be handicapping ourselves in global...

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