• SippyCup@lemmy.world
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    53 minutes ago

    Gold differs from fiat currencies in that it cannot be inflated away by politicians and central bankers.

    Citation needed. You’ll find that not only can this happen, it has. Arguably this is currently happening. They can’t just make more appear, but if that were the only thing driving it’s value up, again, it’s price over time would go down as we continue to extract more of it than we realistically need.

    If you’re worried about the collapse of currency, gold is a particularly bizarre investment. If the currency isn’t worth anything, you wouldn’t buy any of it with your gold. The people with currency aren’t going to want gold, they will want things like food, and shelter.

    Notably, during the several hyperinflation crises we can point to to study, at no point in any of them did citizens resort to using gold. They bartered with common crap that everyone needed.

    That’s assuming the worthless paper you have that says you own gold could ever actually be traded for gold in such a situation. Unless you have the physical actual factual gold in your possession, you just have a gold backed currency. Which is doubly worthless in an inflation crisis.

    You do at least have the paper right? You don’t just own numbers in an app?