Your Personal Gold Standard | The Gold Standard 2304

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Series host Dave Deno kicks off this episode by asking Ken Russo, “Why would a person want to establish a collection of gold to set their economic standard for the future.” But first, a quick orientation on the current economic landscape is given, along with a discussion of the most critical financial questions of 2023.

Retiring during a bear market is scary enough. Still, retirement savings and investing in 2023 face many other significant threats. Even without the pandemic, the attack on the Capitol, and Putin’s war on Ukraine, there are many signs of turbulence and uncertainty.

The dollar will never be able to afford what it would purchase a year ago. Although inflation will moderate at around four percent, the problems that contributed to the supply-demand imbalance will not disappear. The Fed is determined to keep inflation from rising. Interest rate hikes are sure to continue throughout the year.

Every day seems to bring news of another massive layoff. The most recent announcement came from 3M. The manufacturing giant just gave 2,500 workers the pink slip. More than 120 US enterprise companies, including tech, banks, and online platforms, have fired sizeable portions of their workforce.

It has been a rocky first quarter for Wall Street, and things will only worsen. If you’re anywhere near the stock market, you know how painful things are now. Billions of dollars are gone in an instant. Even Goldman and Morgan Stanley warn that the S&P could fall by twenty percent or more in the months ahead.

Dan Yergin, the S&P Global Vice-Chairman, said, “oil prices will hit $100 again this year.” The average US price for gasoline will hit $5 again easily. US Strategic Petroleum Reserves are already depleted. 2023 promises to be a wild ride, especially in the energy field. The year is going to a roller-coaster. Buckle up and hold on.

The usual suspects aside, the real problem is the philosophy of soft money. Soft money, or currency, is corruptible and causes problems because it is designed to be manipulated. Economic bureaucrats constantly work currency to suit a purpose. They play around with interest rates and other things so they can reach an outcome that makes them look good and makes them and their partners richer.

If currency and all the wheeling and dealings of bureaucrats are “soft money,” “hard money” is reliable and has intrinsic value. Governments operate on the principle that citizens will follow government financial policy because there is faith and trust in the system. Building a personal Gold Standard for yourself means taking responsibility for your economic well-being.

Self-reliance is a common theme in this series. The powers that be have shown time and time again to be negligent and reckless with spending money, creating the currency, and questionable monetary policies.

A Gold Standard system is a standard of value. Gold is stable enough to serve as a reliable standard of value and is relatively immune to the various distortions that happen as money changes value, always in a downward trajectory. Gold has been called God’s money because it comes from the Earth. Gold is also God’s money because its nature is incorruptible. God’s money is not subject to human influences. No political ramifications distort how gold functions. All countries recognize gold’s worth and use it as a shared store of wealth.

Centuries upon centuries have shown us how effective gold can be in building strong economies and kingdoms. “Hard money,” God’s money, is unchanging and stable in value; and, most importantly, free of human meddling.

Gold bars are the featured bullion product. They offer a convenient and versatile way to start holding physical gold.

Owning gold bars has several advantages over owning bullion coins. One of the main advantages is that gold bars are typically more cost-effective. Because some bars are larger and heavier than coins, they have a lower premium per ounce of gold. Lower premiums mean investors can purchase more gold for their money when buying bars instead of bullion coins. The lower cost makes gold bars more affordable for those investing in more significant amounts of gold.

Another advantage of owning gold bars is that they are more easily stored and transported. Gold bars are smaller and more compact than coins, which makes them easier to keep in a safe or safety deposit box.

Gold bars take up less space, which makes them easier to transport. Additionally, some gold bars are produced by LBMA-certified refineries, considered the most reputable refineries in the world. Since gold bars come in a wide variety of sizes, they are more liquid than coins.
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