Hello h_rattle,

A. Fell is correct in saying "the new fiat US dollar system has been in place for 35 yrs." , before that the US dollar was on the gold standard, which meant you could exchange your legal tender on demand for gold. One of the factors defining a hard currency then was that it was backed by reserves of PMs.

I do believe we are approaching the end of major wave 2 ( Elliott Wave Theory ) which is a correcting wave, so could see lower gold prices in the short term.

"Those entrapped by the herd instinct are drowned in the deluges of history. But there are always the few who observe, reason, and take precautions, and thus escape the flood. For these few gold has been the asset of last resort."
Antony C. Sutton

"Gold has worked down from Alexander's time... When something holds good for two thousand years I do not believe it can be so because of prejudice or mistaken theory."
Bernard M. Baruch

bc