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He said that despite the many myths and pervasive ignorance surrounding gold-based money, it worked very well for a long time. “The U.S. was on a gold-based system for 180 years until the early 1970s,” Forbes wrote. “We never had inflation when the dollar’s value was tied to the yellow metal, and the U.S. experienced the greatest long-term economic growth in human history.”
“One is that central banks in recent years have been purchasing gold at record levels,” he noted. “Buyers include China, India, Russia and a number of other nations such as Poland. These countries are reacting to growing doubts about the long-term value of the dollar, which in turn is a symptom of the perceived decline of the United States.”is another indication, which Forbes characterizes as “a high-tech cry for help in the face of increasingly unreliable fiat currencies.
is a Crypto and Market Reporter for Kitco News. He has over 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations. Ernest began working in market news in 2007, establishing the broadcast division of CEP News in Montreal, Canada, where he developed the fastest web-based audio news service in the world and produced economic news videos in partnership with MSN and the TMX.
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