No less a personage than Alan Greenspan once said gold was the only refuge against profligate governments that forever debase their currencies. He should know. In the time that’s passed since he said that, governments worldwide have printed much money. Perhaps never more justifiably so than now, but that doesn’t negate his assessment of gold as a refuge against a loss of confidence in governments and paper money.
With so many unprecedented things happening nowadays, it’s impossible to know what will happen in future. We’re seen economies collapse right before our eyes, a recipe for deflation. But government efforts to resuscitate these economies may be a recipe for inflation, in which case those investors with the potential to gain most may be those who’ve parked their money in hard assets such as gold.
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