"I think these paper currencies are going to have to be backed by gold. I think that right now currencies are backed by the dollar; the world is on a dollar standard. Unfortunately, the dollar is backed by nothing. You cannot back a currency with another currency if the latter currency is backed by nothing. There has to be an anchor somewhere." - in Minyanville
Related ETFs: SPDR Gold Trust ETF (GLD)
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.