Most paper money initially existed as a substitute for gold. That’s what gave it value. But right now what gives a currency value is other currency. Most countries hold reserves and the reserves are other currencies. If you are a backing up the euro with the dollar, what’s backing up the dollar?
I don’t think it is going to go to a point where all you have is coins and bars of gold, but I do think that we are going to have to go back to a monetary system based in gold, not based on paper. - in Business Insider
Related: SPDR Gold Trust (ETF), Newmont Mining (NEM), Barrick Gold (ABX), Goldcorp (GG), Anglogold (AU);
Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.
- ► 2013 (395)
- All We Do Is Spend More Borrowed Money
- Video Market Update: US Economic Growth
- QE3: It Will Not Strengthen It Will Weaken The Dol...
- The Gold Standard Is The Only Thing That Really Wo...
- Facebook: Who Bought At The IPO Is Holding The Bag...
- Gold & Mining Stocks Outlook
- Gold Has A Lot Of Upside
- Draghi Is Just Saying He’s Going To Print As Many ...
- Video: The Real Crash
- We Have Been In A Depression Since 2007
- We've Got A Much Bigger Collapse Coming
- Why the Government Should Not Be in the Student Lo...
- Video: Socialism Is The Problem, Capitalism Is The...
- The Real Fiscal Cliff
- An Unhealthy Dependence On Cheap Money
- Federal Reserve Policies Are Not Producing Lasting...
- The Federal Reserve Will Continue To Shower The Ec...
- The Next Crash Will Be Worse Than 2008
- My Fear Is That Capitalism And Free Markets Take T...
- Gold Will Move A Lot Higher Eventually
- The Government Will Have To Spend A Lot Less
- The Federal Reserve Always Does The Wrong Thing
- We’ve Got A Much Bigger Collapse Coming
- Central Banks Are Postponing Short-Term Pain
- Debt Burden & Interest Rates
- Bullish On Gold Miners
- Central Banks Are Increasing Their Gold Holdings
- There’s A Tremendous Moral Hazard Involved With Th...
- The Government Can Only Get Money From Taxing, Bor...
- Historical Perspective: Gold, Stocks & Bonds
- Gold: Everyone Is Going To Want It
- National Debt & Future Interest Payments
- The Real Fiscal Cliff
- Gold: Central Banks Are Now A Tailwind
- Gold: Central Banks Are Trying To Increase Their H...
- We Are Going To Have To Go Back To A Monetary Syst...
- Nothing The Government Spends Comes For Free
- Video: Jobs, The Real Fiscal Cliff, Obamanomics
- Printing Money To Stay "High"
- The Risk Lies In The Dollar
- Gold & Central Banking Policy
- Central Banks Are Already Returning To Gold As The...
- The Supreme Court Has A History Of Giving The Gove...
- Peter Schiff On CNN (Fareed Zakaria)
- ▼ July (44)
- ► 2011 (308)
- ► 2010 (300)
- ► 2009 (280)