No Index

In the animal kingdom, alpha males often drive off rivals. Primates, seals, birds…they often fight – sometimes to the death — for the right to mate.

One of the key ingredients for good money was that it be ‘trustworthy.’ How trustworthy is money that can be taken away, confiscated, barricaded or used to undermine your government.

Our view, a minority one…and widely viewed as ‘defeatist’…is that these things take place regardless of what anyone thinks. History marches along, thoughts get in step.

The US reneged on its promise to exchange dollars for gold in August of 1971. Dollars were still the world’s reserve currency, but nobody had any guarantee that they would remain limited and valuable.

Real money shouldn’t have any purpose or value other than as money; it is meant to keep track of the values for other things, not to have a value of its own.

If you wanted to make money safely, you’d own profit making companies. Buy them when they were cheap and sell them when they were dear. But how would you know when they were cheap? Check gold.