Blížime sa k prirodzenému koncu určitej fázy svetového monetárneho systému. Dolár stráca na hodnote, zlato si hodnotu stále udržiava.

Like cheap energy & cheap credit, the US Dollar helped build today's global economy... Gold has always been used both as a store of value and as a medium of exchange – a way of paying for goods, services and debt.

Gold cannot be printed simply to meet the political needs of incompetent governments. That is why gold has retained its role in the world's monetary system after all these thousands of years. Its supply remains free of politics.

Today, we are reaching the natural end of one particular phase of the world's monetary system. The US Dollar was useful for many years as the currency of business worldwide. The US economy was the largest, and for many years its currency was strong, owing to American growth (among other things).

Zlato vs USD

You did business in Dollars because it was a stable unit of value no matter where you did business.

But lately, the US Dollar has become a lot less stable. America runs large deficits. It's a consumption based economy and a debtor nation. The Dollar-denominated trade in oil shows is one aspect of the currency's fatal weakness. But why is the Dollar's weakness a global economic problem?

Like cheap credit and cheap energy, the Dollar was a pillar of the world economic system during the 20th century.

The result is a contraction in global economic activity, or at least more friction as the world finds a replacement (if indeed it can find a replacement). You could argue that the entire experiment of fiat money – meaning government-printed money not backed by precious metals – is reaching its end game. And obviously, if that's the case, a currency crisis is synonymous with an economic crisis.

When you don't trust the value of the money in your pocket, you begin to behave differently. You're more defensive, more short term. Values – like prices – become relative. If things like eggs, milk and bread can change in price so quickly, it throws people and their understanding of the world off.

We live in a time of relative monetary values. And even those values – the intermarket relationships between asset classes – are breaking down. The good news is that all that volatility makes it again possible to find undiscovered value or mis-priced assets. The bad news is that a lot of false value is going to be destroyed.

Gold, on the other hand, remains immutable. Whether or not it comes to replace the Dollar as the medium of exchange for the global economy, gold's role as a store of value will continue.

Zdroj: www.commodityonline.com


"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