Of course, while this may be bullish for investors seeking to protect their purchasing power among a time of currency devaluation, it embodies a very ill omen indeed for the global economy. Because the US dollar still holds world reserve currency status (for now), gold rising in USD terms can be considered the ultimate canary in the cole mine.
Nothing has changed with regard to gold. Only faith has begun to shift - a rise in the price of gold signals a decline in the amount of faith people hold in the respective fiat currency.
Fiat currencies all around the globe have begun to collapse. Never did I expect to see the day that CNN would publish an article entitled " Global Currency Collapse". Just a few years ago, it was "paranoid" or "fear-mongering" to even utter such concepts.
More and more, the mainstream pundits have begun to parrot the fringe tin-foil hat conspiracists, in classic mockingbird fashion.
I have been warning of the signs of this crisis coming for several years now on this blog. It must be no coincidence that readership has begun to increase as world events continue to confirm what myself and others have been saying all along.
If you'd like to protect yourself from the ensuing currency crisis, many simple actions can be taken. I recommend searching my reading list at the bottom of this blog for starters. Many resources exist to inform you about the difficult times ahead, and simple measures that can be taken to reduce their impact upon yourself and your family.
Owning some physical gold and silver held in non-bank storage will protect some of your purchasing power. But as Peter Schiff cautions, you don't want those metals to make you rich, for that means the world will be in a state of disarray.
Food and water storage and other essentials will also prove valuable, as there may be temporary shortages or rationing during government default/currency collapse. We have already seen this type of scenario play out in several South American and European countries - envision Greece or Venezuela, for example. (For readers unfamiliar with the situations in those two particular countries and many others in surrounding regions, I encourage further independent research. One must understand that these circumstances arise from the same root cause - a corrupt ruling-class of bankers, politicians, and bureaucrats who continue to ensnare the world economy in a debt-laden trap of fake money. )
Many experts also recommend others ways to profit from the crisis. Jim Rickards, Max Keiser, and Peter Schiff have published much information on related subjects that one can use to prosper rather than suffer from the irrational influence of the corrupt destroyers.
Thank you for reading, and feel free to leave a comment with your thoughts below.
And if you like my blog, please share on social media (Facebook, Twitter, Google +) and follow me, too!
http://schiffgold.com/commentaries/the-reality-of-gold-ownership-in-a-currency-collapse/
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