Wednesday, September 16, 2009
Gold Breaks 1000
1015 actually. The press is so excited! The silver I bought for $14.50 premium (commission) included closed today at $17.41 spot. I am not excited, I am worried. Why? Why am I not happy?
Gold and silver are not investments. They could be, but they aren't at this time. What they are is stores of value. An ounce of Gold will always be worth ... an ounce of Gold. An ounce of Silver will always be an ounce of Silver, no more, no less. Not so for that Federal Reserve Note¹ you are carrying in your pocket.
So why aren't I happy? Because not all of my money is secure in tangible assets. And a gain in Silver or Gold is more than offset by the loss in my savings, my salary, and ultimately, my pension.
¹Note - a memorandum of debt