Did you know that for 99.2% of recorded human history, money was backed by a gold standard?
And only for the last 47 years has the world largely moved away from the gold standard.
It is easy to feel like we are on top of the world in 2018. Technology has never been better or more easily accessible. The standard of living is rapidly rising.
But does that mean we should dispense with 5,000 years of monetary policy which led us to where we are today?
Okay, but how do we get the financial system back on the gold standard?
That seems like a monumental task, which would require a critical mass of activists, a new strain of politician, and wresting control from the Federal Reserve… Good luck.
The cool thing is that the individual is more empowered than ever. So you don’t have to get Big Brother to give you a gold standard. You can create your own personal gold reserve. And no, you don’t have to put anything on the blockchain.
How to Create Your Own Gold Standard
Throughout history, paper money was often a stand-in for gold. You could bring the paper to a bank, and get physical gold in return.
Well, right now that is obviously not the case. Dollars are not pegged to anything, and every year over 2% of the value of your savings is robbed through inflation.
So why not just transfer some dollars into gold on your own volition? It is easy to transfer them back into U.S. dollars–or any other currency–if you ever need to. But meanwhile, 2.8% of your wealth will not be siphoned off by the U.S. government. Voila, your own personal gold reserve!
You’ll want to keep some gold in a robust safe on your property. That protects you against sudden market shocks. Even if the dollar hyper-inflates to become worthless–like the Venezuelan Bolivar–gold has a 5,000-year history that says almost anyone on earth will accept it as a medium for trade.
But your safe won’t protect you against the horde of pillagers most likely to take your stuff–the government.
So Sovereign Man tips readers off to another method of owning physical gold, out of the reach of your government, and frivolous litigants.
In short, it’s a good idea to have both coins and bullion.
But for asset protection purposes, for the ability to hedge against what might happen in your country, I like to send a portion of my savings overseas, to a secure storage facility, in the form of bullion bars.
It’s legal, and it keeps a portion of those cash savings safe and secure. The facility I like best is in Singapore — to me, they have the best, most...