Goldco’s mission is to provide an economic safeguard against impending financial crises through the use of gold and silver IRAs. The company helps prepare its customers for retirement and ensure that their savings are protected against inflation, market volatility, and other negative factors once they retire.
As a former Congressman and Presidential candidate who has long preached the value of holding gold and silver assets, I agree with this mission. That’s why I’m pleased to announce my brand new partnership with Goldco, for whom I will be taking on the role of lead spokesman and chief ambassador for the Goldco brand. I’m excited to work with Goldco because we share a number of very important views on gold and the economy.
The Gold Standard
I have advocated the use of gold as money for many decades. Under the gold standard that used to exist in the United States, savers and investors could readily redeem their paper money for gold coins. While that was eliminated in 1933, the “gold window” continued to allow foreign governments to exchange their dollars for gold. When that was done away with in 1971, there was no longer any constraint on the government’s ability to spend and borrow. Inflation since 1971 has increased at an astronomical rate.
When I was in Congress in the early 1980s, I was a member of President Reagan’s Gold Commission. The Commission’s minority report, which I co-authored, made the case for returning to a monetary system based on gold coins. A monetary system based on gold is the ultimate check on government spending.
The Federal Reserve
While many people believe that returning to a gold-based monetary system is impossible after so many years of unbacked paper money, it really isn’t. After all, once the fiat paper money system is destroyed through the malfeasance of the world’s central banks, gold, the ultimate money, will reassert itself. But there is one major player standing in gold’s way: the Federal Reserve System.
Without the constraint of gold backing, the Fed has been able to create trillions of dollars of increasingly worthless paper money, enriching itself and its Wall Street cronies while at the same time driving up the cost of living for ordinary Americans. While returning to a gold standard might shackle the Fed temporarily, ultimately the Fed needs to be abolished. A central bank that can create money out of thin air without any oversight from Congress is a central bank that deserves to be ended.
The Fed claims that it saved the financial system through its quantitative easing, but that money printing is just laying the groundwork for another financial crisis. In fact, every financial crisis in this country for the last 100 years has been caused by the Fed’s inflationary monetary policy. As a good friend of mine once said, the Fed is both the arsonist and the fireman.
Until we can return to a sound, gold-backed monetary system without a Federal Reserve, it is still important for people to protect themselves from the prospect of inflation by investing in gold. Gold holds its purchasing power over time, better that any other asset. And because gold is a safe haven when the economy turns sour, gold’s price can even increase during a bad economy. Remember, even central banks hold thousands of tons of gold. They understand that gold, not paper money, is the ultimate store of wealth.
Gold’s stability means that it can play a very important part in your financial portfolio. That has always been my view, and it is Goldco’s view also. I look forward to a long and prosperous partnership with Goldco, and to helping them ensure that their customers’ savings remain intact through whatever financial turmoil may come.