Is buying gold like burying money in a coffee can?...
The gold price is but a referendum on the dollar…
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Dear Reader,
“To purchase gold isn’t much different from hiding money in the proverbial coffee can”... argues economics commentator John Tamny.
Thus purchasing gold is a juiceless and pointless endeavor in this telling. More:
Progress is born of information, and information is born of relentless, frequently expensive experimentation that for frequently telling us our assumptions were wrong, sets us on the path to wealth-creating information discoveries of what is right.
Crucial about this is that gold is no such discovery. When we buy gold it’s the same as doing nothing… more dollars flowing into gold is precisely fewer dollars being matched with people intent on creating a better, richer future via discovery…
In truth, [gold is] just wealth idled, once again as though placed in a coffee can.
Just so. Yet why should gold purchasers sit idly by as their dollars reduce to sawdust?
Who can criticize them for attempting to preserve their wealth against dollar debasement?
Don’t Blame Gold Investors
It is true, the dollar that purchases gold is not devoted to wealth-creating information discoveries.
It is not chasing cancer cures. It is not harnessing new energies. It is not creating the superior trapper of mice.
In that one sense a gold purchase represents a diversion from productive pursuit.
Yet as Mr. Tamny concedes:
Blame lies not with gold investors as such — but with the government that spawns dollar debasement.
It is that dollar debasement that induces mass gold purchasing:
That’s the message of gold, which… only moves up or down insofar as the dollar in which it’s priced is moving up or down. With a gold ounce at all-time highs of $4,000, that’s the metal’s way of saying that the dollar is at all-time lows.
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A "Screaming Crisis” of the Unseen Present
Again, Mr. Tamny merely laments the opportunity cost of gold purchasing. It represents a “screaming,” yet unseen crisis of the present:
All of which allows us to contemplate the sad meaning of the dollar’s substantial decline reflected in gold. It’s screaming crisis not in the future, but in the unseen of the present.
Seriously, how to contemplate what’s not known, what’s not being experimented with, and the progress not taking place because confidence in the dollar is declining such that hedging of the dollar’s decline through purchases of gold is rising?
Thus Mr. Tamny is with Mr. Buffett.
A Martian gazing earthward from his red perch — Warren Buffett once razzed — would marvel that Earthlings dig gold from the ground… merely to re-entomb it in vaults.
At first blush, our Martian is justly puzzled.
Why indeed would humans shovel up hunks of metal merely to lock them away, idle?
Yet the Martian — and the Nebraskan — jump past a fundamental truth of human nature.
Gold Must Be Worth Digging Up
Men act with purpose. They do not squander their time, energies or resources on senseless, pointless and juiceless pursuits.
The question then arises:
Why would men expend time, energies and resources to haul up gold… and risk their lives deep in dangerous mines to seize it… if they lacked compelling reasons?
Indeed: Why do men — to this day — toil extravagantly to wrest gold metal from stingy earth?
Perhaps men continue plucking up gold for this central reason:
Thousands of years of history demonstrate that gold is worth plucking up.
As I have long maintained:
Gold is perhaps the ideal money — if you will forgive the expression — the gold standard of money.
Mr. Tamny acknowledges it:
Gold is… a constant. That’s why global markets happened upon it long, long ago as the definer of money par excellence.
Why Gold Is Such Good Money
Money must be rare. Rocks cannot be money — for example.
I simply ask you to consider the quantity of rocks lodged within the skull of a single United States Congress member.
Multiply that figure by 535 skulls… in both House and Senate… and you have a near infinity of rocks.
Multiply that figure by all the skulls in Washington’s bureaucracies, and you have your infinity.
This superabundance discredits rocks as a form of money.
Nor can sand meet the monetary standard — and for the identical reason.
Yet there must be enough money to “go around.”
Gold is rare, it is true. Yet its quantity is adequate for its purposes.
Gold is likewise durable. Gold mined thousands of years ago lives yet, fresh as a sprig, no wrinkles, no sags.
And unlike gems or diamonds, gold is divisible. It can be fashioned into bars or coins as needs require.
Meantime, money must be a store of value. Well, gold has maintained its value across centuries, across millenia.
Hence gold meets money’s strict conditions.
A Referendum on the Dollar
Multiple millennia of history attest to gold’s enduring value. Those same millennia attest to the unenduring value of paper monies.
They have all ended in history’s hellbox. There exists, to my knowledge, no credible exception.
The United States dollar will not likely provide that exception.
Consider the government that issues it — and you will understand precisely why I attain that conclusion.
Look merely to the gold price.
It is but a referendum on the dollar.
Regards,
Brian Maher
for Freedom Financial News
P.S. Gold has smashed through $4,000 for the first time in history.
It’s the best-performing asset class of 2025, up an astounding 38.7%.
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