pdowd,
re: "no ice... no edible food... that kind of thing. Good luck with gold then."
Understood. And you're right -- when you need food and shelter, that's what you'll value.
*BUT* - if you'd had that useless gold and still had it today, you'd be a pretty happy guy. Right?
There are rare times when things with inherent value AREN'T valued. But when things return to normal - as they are wont to do - the inherent value returns.
Try that with dollars. I GUARANTEE YOU, the buying power the dollar had in 1913, 1920, 1930, 1940, 1950, 1960, 1970, 1980, 1990, 2000 and even 2010 will *never* return to it. It's gone.
That's the problem with the dollar. It has decreed value, not inherent value. And its value is only as good as the trust people have in a government that lies to them and abuses its currency control.
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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