Gold is Over $2,000 an Ounce | The Gold Standard 2343

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Jennifer Horn and Ken Russo announce gold leaped over $2,000 an ounce last week. It’s a forecast of things to come. With gold and silver prices on a remarkable upward trajectory, Russo emphasizes the wisdom of diversifying a portion of your nest egg with these precious metals while you still can. When you consider all the things happening in our economy and how we’re seeing the value of the dollar being stripped away like so many layers of an onion, it’s the sensible thing to do.

Meet “Sensible Ken,” the moniker adopted by The Gold Standard’s insightful guest, Ken Russo. With an astute perspective on the current financial landscape, sensible Ken encourages us to take stock of the rampant money printing, escalating government expenditures, and the mounting burden of national debt, not only in our nation but across the globe. He prompts us to ask the question, “What’s the sensible way to approach our finances? How can we safeguard a portion of our nest egg, ensuring a measure of security regardless of what unfolds?” In a world where economic uncertainties abound, sensible Ken provides invaluable insights into the prudent steps we can take to fortify our financial well-being.

In our fractional banking system, the money you deposit isn’t stored in your local bank as one might assume. Instead, it operates on a fractional reserve basis, meaning only a fraction of deposited funds is kept in reserve. At best, the rest is lent out to borrowers. At worst, is given to speculators to gamble with your money. Potential risks? When numerous customers withdraw funds simultaneously, it can strain the bank’s ability to meet the demand, potentially resulting in a bank run. It’s not a far-fetched idea. All of us have witnessed the devastating impact of bank runs this year.

It’s to the government and other stakeholders’ advantage to downplay the significance of gold. Avoiding any shift towards a gold-backed system ensures control over monetary policy. The Fed wants the power to print money. Consequently, there has been a historical pattern of efforts to influence the spot price of gold, often to discourage an over-reliance on the precious metal as a store of value. These actions impact investor sentiment and potentially dissuade individuals from exploring gold as a viable safeguard for their wealth. Recognizing this dynamic is crucial for investors seeking to make well-informed decisions about diversifying their portfolios, ensuring they are not unduly influenced by narratives that may not align with their long-term financial interests.

The leaders of our financial system often find themselves in a predicament where they resort to printing more currency as a means of managing economic challenges. This practice, while providing short-term relief, can have long-term consequences for the value of our dollars. As more currency floods the market, it dilutes the overall value of each dollar in circulation. We all know this phenomenon as inflation. Inflation erodes purchasing power and can lead to rising prices for goods and services. Consequently, individuals may find their dollars have diminished buying power over time. Recognizing this dynamic is pivotal for individuals seeking to safeguard their financial well-being.

From the mid-1930s to the mid-1960s, the value of gold was firmly fixed by the US Government at $35 an ounce. That is until August 15, 1971, when President Richard Nixon took us off the gold standard. The Nixon Shock was the end of the United States’ commitment to converting dollars to gold at a fixed rate. Later, Congress and President Ford, in 1974, reinstated the private ownership of gold coins, bars, and certificates. The Gold Bullion Coin Act of 1985 introduced the American Gold Eagle, a genuinely competitive American bullion product with full legal tender status, cementing a new era in the ownership and trading of precious metals.

During the conversation, Ken pulls out one of his favorite coins, the American Gold Eagle. Since the Bullion Coin Program started in 1986, the American Gold Eagles have been struck at the Philadelphia and West Point mints. They are the most popular gold bullion investment coins in the world. These Gold Bullion coins mark a historical moment in American coinage. The American Gold Eagle invokes a strong sense of American heritage and culture.

American Gold Eagle coins are made in four denominations. The most popular of which is the $50, or one-ounce. Each shares the same obverse and reverse designs. The front of the coin is a modified rendition of Augustus Saint-Gaudens’ famous Liberty sculpture from the Double Eagle series minted between 1907 and 1933. Gold Eagles are IRA-eligible, so you can include them in your retirement accounts.
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