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Gold – A Last Resort Currency?

gold chart

We have all seen those ridiculous commercials. Turn your gold into cash now. Top prices paid for your old jewelry but why?

It seems that the price of gold according to many charts has sky rocketed in the past ten years. Many experts will tell you that gold is the next world currency and they will also tell you that judgment day is near.

Again everyone is entitled to their own opinion. Let’s put all thoughts of prophecy and craziness aside and look at what we know to be factual and what gold really means to the world.

According to this chart,  Gold has increased 500% in the past 10 years.

Why do people buy gold?

Some buy gold as an investment, it seems to be a secure world accepted currency and has been doing well recently. Some others buy gold because during recessions, depressions and all the other crazy economic times, the people loose faith in their currency and therefore it dies. In other words, the currencies become non existent and the other former currencies like silver and gold come back to life.

So what if all currencies become obsolete? What can you do with gold. It is flat, shinny and heavy, so you could look at it? You could use it to hit someone over the head that’s trying to steal your bread? This was the original reason we created money to begin with so that we can use it. Gold can’t really be used if the dollar collapses, nor will it have any value if the apocalypse came as food, shelter and clothes would be much more valued.

Is gold really the next currency? Is it simply another hoax to drive the price up so other wealthy people can make money based on your fear.