Wednesday, December 2, 2020

Tag: Keith Weiner: The Enemies Of Gold Who Say “You Can’t Eat Gold”

Keith Weiner: The Enemies Of Gold Who Say “You Can’t Eat Gold”

by Keith Weiner, via Silver Doctors:

Keith explains why people who say “you can’t eat gold” completely miss the point. Here’s how to face anybody who unleashes that little zinger of a claim…

“You can’t eat gold.” The enemies of gold often unleash this little zinger, as if it dismisses the idea of owning gold and indeed the whole gold standard. It is a fact, you cannot eat gold. However, it dismisses nothing.

This gives us an idea. Let’s tie three facts together. One, you can’t eat gold. Two, gold is in backwardation in Switzerland. And three, speculation is a bet on the price action.

The fact that gold is inedible is supposed (by the enemies of liberty) to be proof positive that a gold standard wouldn’t work. Of course, there’s always the retort: You can’t eat dollars!