Would I Ever Save Money in Fiat Currency Again?
In this report, I cover the early market action from London on Friday, September 6th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
With the relatively sharp correction down we saw in precious metals yesterday I will today talk about whether I would ever consider saving my hard-earned money in fiat currency or paper money. I will go through what really goes on when you put your money with a bank and what it really means.
Even though I might deal with the banks again if interest rates are much higher and it's advantageous for me to hold fiat currency I probably would not because holding paper money is a way of financing the bankers and big government and we all know how little we can trust these institutions.
So my conclusion is that even though holding gold and silver can sometimes feel daunting because of the fiat price moves I still have not found a better alternative or at least one that has a track record of maintaining your savings' purchasing power for thousands of years.
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Hong Kong employees make it a habit to convert a part of their wages into gold on payday . Historically Hong Kong was dominateded by many foreign forces like Quin, Japan, and Britain. They know currency changes. Recently Administrator Lum withdrew the extradition bill, but people still keep protesting. If Beijing introduced military force on Oct.1 the national foundation day, Hong Kong currency could change again overnight. That's the reason physical gold sells like hotcakes there.
For now I don't think the use of fiat money can be totally ignored just yet because it is still the generally acceptable means of exchange, but anything can happen in the nearest future.
I still hold the required minimum for day to day exchange requirements but as I said not for "savings".
You're an experienced person. But exchanging salt for bread weren't considered monetary exchange. I think it was bata system. Uphold yourself. Paper will burn. And the digital revolution is still beginning.