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Are ‘dollar bugs’ insane? Blind?

by Bill Rice, Jr., Silver Seek:

I’m not only an avid reader of precious metals articles on the Internet, I also love to read the reader comments that follow. This morning, I was struck by the comments that followed a brief interview with Peter Schiff (conducted by a reporter on The Wall Street Journal’s “marketwatch” website).

Schiff, per his custom, was defending and touting gold. Many readers, also per tradition on MSM sites, were disparaging Schiff, gold bugs in general, or both.

After reading these comments, I couldn’t help but wonder about the mind frame and thinking process of the millions of Americans who denigrate gold and scoff at it as a legitimate investment choice.

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2 comments to Are ‘dollar bugs’ insane? Blind?

  • Frank Zak

    Schiff has made bad calls on real estate and everything
    else the last couple years. He has no timing skills.
    Faber and Rogers better.

    Silver was the major money until the days of Cortez
    and Columbus. Then gold came on line.

    I collect ancient coins. Gold was incredibly rare and
    only the rich had it in ancient times. They usually
    didn’t use it on the streets, but only for large
    transactions.

    Ancient gold coins are often dug up in EF and mint state condition.

    There were between 200 times more silver coins
    than ancient gold coins. Maybe lots more.

    First coinage was part gold and silver mixed about
    600 B. C.

  • Ed_B

    “After reading these comments, I couldn’t help but wonder about the mind frame and thinking process of the millions of Americans who denigrate gold and scoff at it as a legitimate investment choice.”

    I also used to wonder about this but believe I have found at least part of the answer. Gold is something that people hold for decades. It is not about “right now”, it IS about the future and preserving one’s buying power from inflation. Contrary to the cooked numbers spewed by the US Gov and Fed, inflation is running around 9% at the moment when one uses the same calcs that the US Gov itself used ca 1980. Back then, they counted things like food and fuel, which they no longer do. Anyone who buys food, fuel, tuition, insurance or pays their taxes is WELL aware of the BS in the “official” inflation numbers. Ditto for the unemployment numbers. If it can be faked for political or economic advantage, it will be. Unfortunately, many people today don’t care about tomorrow and only worry about today. They are the immediate gratification crowd and gold does absolutely nothing for them.

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