Good as Gold: The Truth Behind Gold’s Rise and How High it will Go

Good As Gold – The truth behind gold’s rise and how high its price will go   J. Pierpont Morgan, probably the greatest financial mind America has ever produced, famously said, “Gold is money. Everything else is credit.” How right he was.   During the Civil War, the American money supply began a fateful transition away from gold and towards debt backing. That culminated with Nixon’s catastrophic decision to end the dollar-gold exchange standard, something we’ve detailed in a previous post. Today, the Federal Reserve Notes we call money aren’t even backed by debt—they are debt. And, like all debt, it’s not a…