Zlato a papierové peniaze

Money served throughout history as a medium of exchange and as a storehouse of value. But when gold and silver coins were replaced by paper currencies, money no longer was the same. Paper money, no longer having intrinsic value, now functions only as a medium of exchange, a function that degrades over time.

The value of paper money continually loses value because the constant printing of paper money constantly dilutes the value of previously printed money. The more paper money printed, the less paper money is worth; and today, money is being printed at a faster rate than at any time in history.

Because the root problem is monetary in nature, so, too, is the cure. Because paper money is the cause, real money, e.g. gold and silver, is the answer. This is true for nations as well as individuals. We can protect ourselves from the economic chaos that is about to happen if we possess gold or silver and faith—the first two can be bought, the latter cannot.

Quite positive about gold’s prospects, the title of Erste Bank’s analysis reads: Special Report: Gold—A Shiny Outlook. The report concludes:

• Secular bull market still intact

• Strongly increased investor interest in 2008 and beyond

• Central banks will want to achieve a higher degree of diversification of their dollar holdings

• Necessary correction following an overbought scenario

• First target price: $1,200: long term target: inflation-adjusted all-time high of $2,300

Článok:news.goldseek.com/GoldSeek/1216731828.php

04.08.2008

"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value."   Alan Greenspan