Pixels in a bank account Print

Sorry about the gap in posting, I've been busy buying gold of all kinds (as well as some silver, but that's another story...)

Here's a tip - if you really, really want the cheapest possible gold, do a search for 'nugget's on the online auctions. While the larger ones command a premium, the smaller ones will often go for spot price or below.These are often being sold by the people who have found them.

Now, back to the present, and the rising price of gold, or 'new gold bull market' as some commentators are stating already.

In scanning the online media sources for gold stories, I often find stories like this one which give some insight into the historical background of gold. The government of Australia sold most of its gold holdings in 1997, believing that it no longer played any part in the global financial system. But this was not what the Chinese government believed, and they were secretly buying it up, just as they continue to do.

As is often the case, the comments on the stories are often more interesting and insightful than the stories themselves, and it was from one of the comments that I stole the title of this post. The Australian dollar has been devalued 98% in the last 40 years. Just think about that for a moment... The full comment runs "I'll trust the store of wealth par excellence for ten thousand years over the Australian currency or pixels in a bank account." That store of wealth is, of course, gold.

OK, off to do some gold panning in my favorite stretch of river.....