Joe Q. Public Is Getting Gold Fever
In 2008, individual gold bullion purchases topped 862 metric tons. That was double the amount of gold purchased by private individuals in 2007. The 2009 numbers look to be even higher. What on earth is going on here?
Simply put, Joe Q. Public is getting gold fever. Yet this isn't the kind of mad gold fever that has people running off to the backwoods of Africa to go digging in the dirt in the hope of striking it rich. This fever has been brought about by the cold sweat that has broken out on the faces of many average people as they contemplate the future.
Governments all over the world are spending the inheritance of future generations . . . many times over. At some point, the money is simply going to run out. The debt that has been accumulated will have to be repaid.
When that day comes, you can bet your last paper dollar that fiat currencies like the dollar, euro and yen aren't going to be worth squat. Unfortunately, the daily necessities, like bread and a roof over your head, are still going to need to be paid for in order to be kept. The only thing that the people with these resources to sell will accept as payment for goods is going to be hard money of the most traditional sort.
You can already see this doomsday scenario playing out in Zimbabwe. The government officials there have corrupted and debased the paper currency to the point that it is no longer accepted. Whole families now spend all day, every day, panning for gold in the local rivers to scrape together enough gold dust to buy their daily bread. This is the future of the debt based regimes.
After accepting IOU's, stimulus promises, and increasing mounds of paper from their government for years, the resource owners there had simply had enough. No more, they said, no more. Lies, hollow monetary schemes, and empty promise will no longer buy you anything, not even food. The only thing worth having is gold.
You don't have to be a genius to figure this out and see what's creeping up out of Zimbabwe to the rest of the world. That the geniuses running the big brother governments of the world won't acknowledge this truth is only evidence of their desire to keep their precious little illusions afloat. Yet when the proverbial excrement hits the fan, many of them may turn up with bits of coin in the basement, too.
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