Anyone who watches television news for more than a few hours is likely to see an advertisement for gold. As the Federal Reserve continues to print fiat money in vast quantities — backed by nothing except the vague promise that this paper is legal tender and can be used to pay all debts public and private — people are increasingly looking for something of real value. And that something is gold.
When American currency was redeemable in gold, its value was stable. Even “bimetallism,” which provided that currency could also be redeemed in silver, did not significantly affect the value of the dollar.
Historically, a major issue in certain presidential campaigns — such as those of William Jennings Byran v. William McKinley in 1896 and 1900 — was whether to allow dollars to be redeemed in silver. Because of America's silver mines — primarily in the Rocky Mountain region — allowing such an exchange would bring more currency into circulation, producing mild inflation. What person alive then would have ever imagined the dire straits of today, when our currency is backed only by a federal government drowning in debt?
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