“Gold is still the ultimate store of wealth. It's the world's only true money. And there isn't much of it to go around. All of it ever mined would fit into a small building - a 56 foot cube. The annual world production would fit into a 14 foot cube, roughly the size of an ordinary living room. If each Chinese citizen were to buy just one ounce, it would take up the annual supply for the next 200 years.”

5 stars is for the ultimate store of wealth. I don't know about the amount.

What balderdash and gibberish. The ultimate store of wealth is man's good will.

Perhaps he should have said tangible wealth so the socialists would be less confused. It never ceases to amaze me at how little regard they have for capital until they want that which has been earned by others.

The first two sentences are exactly correct. As to his figures on the amount, I have no idea. As to Wafflers idiotic remark, I'm planning to sell my small amount of gold and stock up on "mans' good will". Waff, please get help.

It's amazing how naive we all are - when tombs are uncovered and mounds of gold are found and next to the mounds of gold is the body or the person who robbed the poor - It has little or nothing to do with be tangible its to do with being greedy. Again Waffler is very close with the thought of "good will". The most precious of all tangible assets is Kindness and you bloggers definitely are in need of a little. The same madness we have for money is the same we have for gold. A child if Africa dying of malnutrition doesn't need gold but food if you give gold to the child to buy food it will be stolen and the child still needs food.

Gold is difficult to produce, there is only a limited supply, and with its many attributes gives it an intrinsic value. It is irreplaceable in certain electrical applications, medical procedures, and other aspects of modern day technology. Robert, you are right. When society is reduced to barter by necessity, all mediums of exchange loose usefulness. Once society progresses sufficiently that barter is not feasible, there are 2 choices. One choice is to adopt a tangibly based monetary system where alodium and lasting wealth is possible; or, The second choice is medium of credit exchange where only debt is possible with 'title' being the most that can be hoped for (collapse is eminent).

Naive is believing good will can help others without any capital backing. Someone somewhere has to expend capital first, whether that capital is their time, energy, knowledge, talent or justly acquired property. Good will may give you a warm feeling, but it's not worth squat without some elbow grease. I love how people who work and earn are always decried as selfish, but the thieves who steal the fruit of their labor are revered to the level of sainthood.

That may have been true, but today, awash in 'promises to pay,' it is the labors of the people that ultimately rule. As soon as tokens for our promises to labor could be monetized, hard currencies fell out of favor. Of course, our money is only as good as our word, and with such high rents for our money (i.e. interest payments) the game is fixed by those with the 'right' to turn our promises to pay into currency others must legally accept as payment.

Think for a moment guys think. Think experiments is how Einstein and others came up with and proved their positions. Societies have existed successfully for thousands of years without Gold. Did Norse society have gold, did Hawiian or Tahitian society have gold. Gold is just another form of accounting. What societies that work correctly need is a tried and trusted form of accounting and Good Will among its members. Gold may have been useful for this, but really now, today I belive it is blase and passe.

RBESRQ, I tried paying my property taxes with "Kindness" but the county wanted money. As to us bloggers needing some kindness, do you support a child in India or give to the Salvation Army? We do. You have no right to question a bloggers kindness quotient. That's a characteristic of liberals, they always take the "high road" and are morally better than conservatives. At least they think they are.

"Societies have existed successfully for thousands of years without Gold." As they also did without modern medicine, electricity, cutlery and indoor plumbing. However, I don't believe the fact that they did so equates to a better state of being. Perhaps some would prefer that we still be sickly, defecate in the woods, in the dark and eat with our fingers.