Well, TF, I guess we now know why you're in such a foul mood. You'd better sell your gold now, before it drops down to $900/ounce.
Rod has it right, but I can understand why you don't want to accept his common sense if you're holding a few dozen gold coins that are worth 20 percent less than what you paid for them. Like Rod says, gold is a commodity, just like a bushel of wheat or a ton of pork bellies. Gold has an inherent value, for the simple reason that it has industrial uses for which there is no acceptable substitute. But gold's inherent value is nowhere near its current price, and the more expensive it is the more industry will figure out how to use less of it.
As for going back to a gold standard, I'm afraid that can never happen. Even at $2000/ounce, there's not enough gold floating around to replace all the dollars in circulation. Let's not forget that scarceness of currency was a major inhibitor to the economic growth of the US during the 19th century. If you want to kill a nation's economy, switching to a gold standard is great way to do it.
It is a fact that gold prices rise and fall along with uncertainty in the economy. Like it or not, the economy continues to improve. As long as the economy continues, those gold coins under your mattress will continue to depreciate.
I'll tell you what: Gold closed yesterday just shy of $1400. If gold hits $1600/ounce in the next three months, I'll come back and say I was wrong. But if it drops $200 to trade at $1200/ounce, then you have to admit I was right.
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Today's Featured Article - A Cautionary Tale - by Ian Minshull. In the early 1950s my father bought an Allis Chalmers B and I used it for all the row crop work with the mangolds and potatoes, rolling and the haymaking on our farm. The farm and the Allis were sold and I have spent a lifetime working on farms throughout the country. I promised myself that one day I would own an Allis. That time event
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