Many experts are advocating returning the U.S. to a gold standard but the public is fast learning how to easily set up their own gold standard. It's simpler than one may think.
Although the gold standard in the United states was abandoned in 1971 at the discretion of President Richard Nixon, many in today’s economic circles are advocating a return to this form of currency. With gold reaching an all-time 25 year high, notable persons such as various Presidential candidates, Steve Forbes, former Federal Reserve Chairman Alan Greenspan and many leading economists are encouraging a return to a gold standard for the United States. This article is going one step beyond laying out some easy to implement steps in how to set up your own gold standard -- now!
“Really?” “Are you serious?” “Can I do that?”
Indeed, because it’s all in your mind. The only major stumbling block in knowing how to set up your own gold standard is a political and ideological one.
First of all, returning to a gold standard is not a cure-all of economic woes. Controlling national spending, encouraging individual prosperity and eliminating the national debt are major definite parts of the “cure-all” prescription. Gold and its many benefits have been covered in another previous article but this article’s intent is to touch briefly on the personal aspects of how to set up your own gold standard -- for yourself and for your family.
Gold Scarcity: it is widely claimed that there has been approximately $4 trillion in gold that has been mined since the historical beginning of gold mining. This is obviously not even enough to back up all the paper currency circulated. Considering this were a legitimate truth and claim. Illust. Right-Gold Bar
However, it is this writer’s contention that this is not so. God never created a shortage of anything -- not oil, diamonds, silver or any other commodity. Everything is free and abundant in God’s Kingdom. The kingdoms of little men are what set limitations on what other men can or cannot do.
Despite Federal Reserve Chairman Paul Bernanke's best attempts at postponing any return to a gold standard, 12 states are moving ahead in that direction. They are: Colorado, Indiana, Iowa, Georgia, Missouri, Montana, New Hampshire, Oklahoma, South Carolina, Tennessee, Vermont and Washington.
A return to the gold standard necessitates a drastic increase in the price of gold which is even now taking place without an actual gold standard being yet implemented.
It is estimated by Steve Forbes that during the next 5 years the U.S. will have returned to a gold standard. Many investors see the price of gold jumping to a record $2,000 - $3,000.00 high within the next one to two years.
If a return to a gold standard actually occurred, currency would become basically a simple "medium of exchange" which would encourage growing consumer confidence knowing that all forms of currency are securely held in gold depositories.
The Fed is very nervous.
As the U.S. Treasury shifted to Federal Reserve dollars, gold was quietly moved from the national depository at Fort Knox, Kentucky to the sub-terranean vaults of the Federal Reserve Bank in New York City due to terrorist threat of attack -- so they said. This really makes you confident, huh?
Throughout history, certainly since Biblical times, creating and preserving one’s own wealth has been common practice.
In the Book of Exodus it reads that the Egyptian people were so out of sorts after undergoing the Ten Plagues of Egypt that they literally gave away their wealth in gold to the Hebrew slaves just to get them to leave the land of Egypt. “Here!” “Take it and get out!”
Below are just some of the simple steps to how to set up your own gold standard.
Be it inflation, hyperinflation or good old plain depression, your future economic security and that of your family is at stake.
Personal Gold Standard Strategies:
Firstly, rid yourself o the mindset that says the government is looking out for your best interests. It is not.
- Research, research and research again basic information about gold. Google it in the search engines and get an education!
- Set aside a portion of your “good for nothing” paper currency and exchange it for real yellow, physical, tangible gold. Keep in an easy to access location for emergency purposes. This can easily be done in the form of “junk” silver coins, 1 oz. silver eagles and 1 oz. gold coins or small ingots. This preliminary reserve emergency fund should tide you over for 1-6 months.
- Live within a budget. As you set up your own gold standard you will learn to live within a budget.
Medium-Range Strategy Illus. Right - Gold Ingots
- Put your precious metals in an account that can be used to pay your monthly expenses.
- Set up secured, gold deposit accounts preferably in Switzerland. Securing gold, making hot chocolate, eating Swiss cheese and skiing is what Switzerland does best!
When you get to a pre-determined amount, the next step to set up your own gold standard is developing long-term plans for both purchasing and storing precious metals.
The strategies are almost common sense but you will need to monitor gold fluctuations regularly. "Be diligent to tend to your flocks" says the Bible.
"But I Don’t Have Enough Money To Set Up My Own Gold Standard!"
Oh, but you do. Thanks primarily to the culture and environment of the Internet, today many beginner or “small-time” investors can begin to secure their financial future by simply going online and purchasing gold for as little as $25.00 a month. At reaching the designated purchase price, a small investor can either opt to have gold ingots, a bars or coins sent to his address or stored in Swiss gold depositories.
Knowing how to set up your own gold standard is not a cure all of economic and social maladies -- but much can be accomplished as a consumer’s confidence grows in managing their own financial and economic future.
Written by Beverly Anne Sanchez, May 16, 2011