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“Significant increases in inflation will ultimately increase the price of gold.
Investment in gold now is insurance. It’s not for short-term gain, but for long-term protection.
I view gold as the primary global currency. It is the only currency, along with silver, that does not require a counterparty signature.
Gold, however, has been far more valuable per ounce than silver. No one refuses gold as payment to discharge an obligation. Credit instruments and fiat currency depend on the credit worthiness of a counterparty.
Gold, along with silver, is one of the only currencies that has an intrinsic value. No one questions its value, and it has always been a valuable commodity, first coined in Asia Minor in 600 BC.”
Alan Greenspan
Chairman of the Federal Reserve from 1987 to 2006
