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News Link • Gold and Silver

Richard Russell on Gold

The British sovereign had a gold content of .2354 oz, and was minted in seven countries including Australia, Britain, South Africa and Canada. In other words, the whole world was on the gold standard. This was a period of extraordinary stability among world currencies.

But war is the great destroyer of currencies. When nations wanted to spend more than the discipline of gold would allow, they turned to fiat currencies and printed what they needed out of a computer and thin air. Germany was a famous offender when it printed marks by the barrelful, during which time hyperinflation destroyed the purchasing power of the German mark. Today we have a comparable example in the US, which has not only left the gold standard, but to cover up its inflation, is depressing the price of gold through paper gold trading on the COMEX.

Because of our out-of-control US spending, the US is covering its outrageous debts by printing money.

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