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Originally posted by richard russell
Thus, the demise of the dollar is not a question of whether, it's a question of when. When Alan Greenspan took over the Fed the dollar seemed to be in fair shape and the US was a major creditor. But in the 18 year of the Greenspan reign, the dollar lost roughly 50% of its purchasing power. And today the US is the world's greatest debtor. On that basis, I expect the purchasing power of the dollar to decline considerably faster than it did even under the Greenspan years.
This, then, is why I'm not personally interested in analyzing gold on a daily, a weekly, or a monthly basis. Frankly, I don't care about the short or even the intermediate trend of gold. I know that ultimately gold will possess real purchasing power when the dollar is a worthless piece of paper.
I'm 82 years old. I've seen what has happened to the purchasing power of the dollar in my lifetime. That's not going to change, and it doesn't seem that politicians are going to change. So when it comes to gold, I'm only interested in one thing -- how many ounces do I own, and whether I want to add more today or whether I want to wait a while before adding more.
Of course, that doesn't mean that I don't have to write about gold. I'm selling an advisory report, and people want to know about gold today and tomorrow and next week. Fine, then my advice is to read what I write regarding gold -- but from an investment standpoint, my advice is to accumulate the metal and forget the trend. The trend is for fun, the long-term meaning of gold is a matter of financial survival. But what about the target price for gold? Forget it, better to ask, "What's the future of the purchasing power of the dollar? That's a question I can answer. The future purchasing power of the dollar is zero, nada, niente, zip.
This, then, is why I'm not personally interested in analyzing gold on a daily, a weekly, or a monthly basis. Frankly, I don't care about the short or even the intermediate trend of gold. I know that ultimately gold will possess real purchasing power when the dollar is a worthless piece of paper.
I'm 82 years old. I've seen what has happened to the purchasing power of the dollar in my lifetime. That's not going to change, and it doesn't seem that politicians are going to change. So when it comes to gold, I'm only interested in one thing -- how many ounces do I own, and whether I want to add more today or whether I want to wait a while before adding more.
Of course, that doesn't mean that I don't have to write about gold. I'm selling an advisory report, and people want to know about gold today and tomorrow and next week. Fine, then my advice is to read what I write regarding gold -- but from an investment standpoint, my advice is to accumulate the metal and forget the trend. The trend is for fun, the long-term meaning of gold is a matter of financial survival. But what about the target price for gold? Forget it, better to ask, "What's the future of the purchasing power of the dollar? That's a question I can answer. The future purchasing power of the dollar is zero, nada, niente, zip.
when i read the last few sentences, finster, i thought of you.
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