Wednesday, April 17, 2013

Gold - Nothing Changed

By Dan Denning of The Daily Reckoning:

"Ask yourself whether you think paper money will gain or lose value over the next ten years. And then ask yourself if you would rather have money in the bank or precious metals in your hands. The answers will tell you all you need to know.

Besides, speaking from experience, this is the first time in almost ten years we can remember gold being a hated asset. It was hated in the early part of the decade for all the same reasons: it had no real economic use...it produced no yield but held storage costs...it didn't do anything other than sit there and look pretty in a cold dark room.

But if you bought gold any time in the last ten years because it's a real asset and people having being using it as a means of exchange and store of value for 5,000 years, not much has changed in the last week except the price of an ounce of gold. As a monetary asset, gold will be around long after the Yen, the Euro, and the Dollar are being used for toilet paper."

Gold in New Zealand dollars: $1613.03 per oz
Previous all-time high: $2311.02 per oz (15 Nov, 2011)

Silver in New Zealand dollars: $27.50 per oz
Previous all-time high: $59.19 per oz (30 Apr, 2011)
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