50 Years of Appreciation
Gold was first used by cultures as early as 4000 B.C. to make decorative objects, in what would now be identified as Eastern Europe.
A major shift occurred, however, in around 1500 B.C., when the ancient empire of Egypt – which benefited greatly from its gold-bearing region, Nubia – made gold the first official medium of exchange for international trade.
The Shekel, a coin originally weighing 11.3 grams of gold, became a standard unit of measurement in the Middle East during this time.
In 1091 B.C., small squares of gold were legalized in China as a form of money. In 560 B.C., the first coins made purely from gold were minted in Lydia, a kingdom of Asia Minor. In 50 B.C., the Romans began issuing a gold coin called the Aureus.
Fast-forward to 1284 A.D. where Venice introduced the gold Ducat, while Great Britain issued its first major gold coin, the Florin. In 1377 A.D., Great Britain shifted to a monetary system based on gold and silver; other nations would follow in their footsteps sooner or later.
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America’s history with precious metals practically goes back to the beginning of the nation. In 1792, the Coinage Act placed the U.S. on a bimetallic silver-gold standard and defined the U.S. dollar as equivalent to 24.75 grains of fine gold and 371.25 grains of fine silver.
On August 15, 1971, exactly 50 years ago, the U.S. government ended the conversion of foreign officially held dollars into gold, thereby effectively ending the gold standard and putting America on the fiat money system.
$100 in 1971 is worth less than $15 today!
Alan Greenspan, former chairman of the Federal Reserve, basically admitted that removing America from the gold standard has been extremely problematic: “In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.”
The fact that gold is now surging back is because it looks like stocks are selling off, going into September.
Staying LONG equities, as we have been, has been such a winning strategy:
- The S&P 500 has made 43 new all-time highs in 2021 alone. Literally, on average, every week we hit a new high!
- The S&P 500 is also up more than 16.9% in the first seven months of 2021, an achievement that was only clocked in 15% of the years that have passed since 1928.
The money has been flowing into the stock market on such a scale, that even I am sitting here in utter shock.
I just took profits on the only oil stock I had in my portfolio – whose share price has doubled – and I’m thinking a lot about how important cash and patience are becoming.
As you can see, patience isn’t what millennials are known for and, though I’ve grown to respect the fact that they’re thinking about the markets differently from others, I can’t help but sound the alarm.
At the end of the day, if you were to ask me what quality does the most damage to the retail investor, it would be impatience, which makes him want to be active at all times.
Instead, let opportunities come to you; patience!
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