First, the Americans buy gold because of the falling dollar. Now, the Europeans are buying gold due the falling Euro. I think that next in line will be the Japanese. Every country is loading up with so much debt that the paper currency is going to be worthless. Remember, mankind experiment with fiat currency is only less than 40 years old when Richard Nixon canceled the convertibility of USD to gold in 1971. Gold has existed as a form of money since 500 BC and it may make a come back due to insane debt that the government is accumulating.
I think that every Malaysians should also buy gold. Why? Because gold buying has not reach the mania stage yet. Moreover, our country is not too far from becoming like Greece. With the way our government is continuing to mismanage the country (i.e. submarine, cash-for-votes), the government will tax us to death (i.e GST) or/and print ourselves out of the trouble.
So, buy gold (or silver) to protect our purchasing power.
1 comment:
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