This is a very helpful introduction on the subject. I appreciate that he discusses the difference between buying gold and silver coins for the value of the metal verses the collectible value of an old coin.
A guide to buying silver and gold
By Thomas M. Buckley
Photos By Steve Lindh
Some of my friends who know that I collect coins and buy bullion have told me that they would like to own bullion, too, but they do not know how to buy it with confidence.
This could be bad for the dollar, and devastating for our economy. If other countries stop using our horribly inflated money supply, the results of inflation may become devastatingly apparent.
St. Petersburg, Russia – China and Russia have decided to renounce the US dollar and resort to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday.
Chinese experts said the move reflected closer relations between Beijing and Moscow and is not aimed at challenging the dollar, but to protect their domestic economies.
“About trade settlement, we have decided to use our own currencies,” Putin said at a joint news conference with Wen in St. Petersburg.
The two countries were accustomed to using other currencies, especially the dollar, for bilateral trade. Since the financial crisis, however, high-ranking officials on both sides began to explore other possibilities.
I was casually and happily reading another of The Fabulous Mogambo’s Newsletters (TFMN), when I got to this part:
I mean, look at the mess the world is in as a result of the use of a monstrously abused fiat dollar in the hands of the evil Federal Reserve, especially since 1971 when Nixon severed the dollar’s tie to gold by refusing to pay foreign central banks for their excess dollars with gold, as France was doing.
And I started to wonder: We know that the Fed had already inflated the money supply to unimagined levels by 1971… I wonder if foreign nations had exchanged enough dollars for gold that there wasn’t any left in the Fed’s reserves anymore? And if this has anything to do with their abhorrence to being audited at any level, despite their insistence that all other financial agencies in the nation be audited and regulated to the nth degree, or turned over to their control?