Silver Eagle Sales Set a February Record

by David Kranzler
Investment Research Dynamics

Betting against gold is the same as betting on governments. He who bets on governments and government money [fiat currency like the U.S. dollar] bets against 6,000 years of recorded human history. – Charles De Gaulle

Silver, for 6,000 years of human recorded history, has been “poor man’s gold.” In fact, based on everything I can find on the topic, silver was used as currency before gold. Buying silver with the gold/silver ratio at 80 is like buying gold on steroids.

Charles De Gaulle is the person who is credited with forcing Nixon to “close the gold window” in 1971. De Gaulle had figured out the U.S. had issued far more debt to foreigners than it had in gold to back that debt, per the requirement of the Bretton Woods Agreement. De Gaulle had been quietly exchanging Treasury debt purchased by the French Government for gold, per the terms of Bretton Woods. Before De Gaulle had a chance to clean out the Treasury’s gold, Nixon unilaterally and illegally terminated that portion of Bretton Woods. To this day I have not read a reasonable analysis which explains why the rest of the world enabled the U.S. to get away with this.

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