The US Dollar traded in London at 21.67 mg on Tuesday afternoon, setting a new all-time low. Since the US Dollar was created by congress in 1790, with a value of 1600 mg of gold, it has lost 98.6% of its original purchasing power, leaving only 1.4% between here and total worthlessness!
With fiat currencies all over the world being manipulated by central banks, prices are being distorted beyond all recognition. Successful investing requires having a good idea what things cost, and what they are really worth – and using the world's oldest and most stable form of money, gold, to compare prices is one way to get that insight. Below you'll find a sample of prices measured in grams or milligrams (1/1000 of a gram) of gold.
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Many of my favorite stocks are Canadian. Part of this comes from a natural resource bias which tends to hold it's value in inflationary periods, and part from the CAD itself, which has recently benefited from a resource-based economy and somewhat less profligate than usual fiscal policies.
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Bloomberg News and Priced in Gold
Nov. 6 (Bloomberg and Priced in Gold) — Warren Buffett’s Berkshire Hathaway Inc., holder of a derivatives portfolio worth more than 1.3 billion gold grams, said third-quarter profit declined 29.7% percent on losses tied to equity-linked contracts and the falling value of the US Dollar.
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The last time we talked about the Dow Jones Industrials "breaking through" the 11,000 level was back in April. After spending about 15 days above the 11,000 mark, the Dow sank back below 10,000 in June, and again in July, after which it began working higher, bringing us to 11,006 on Friday, a level which just barely held in Monday's trading, closing at 11,010.
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Daniel Rigby wrote to me recently to ask:
This may seem like a dumb question, but I am unsure of how to actually price things in gold myself. Is it on a per gram basis? Could you provide me with an example of how to price something in gold, say dollars?
Thanks for asking, Daniel! That's a great topic that I haven't covered lately.
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On May 31st, Dr. Marc Faber, one of my favorite economists and a very engaging speaker, gave a landmark presentation at the Mises Circle on Austrian Economics and Finance. In this talk, Dr. Faber details the coming economic catastrophe, and what to do about it.
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The news media is full of articles touting the Dow Jones Industrial Average close above 11,000 today. The chart below shows the index price in USD from 2006 to April of 2010.
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The big news this week is that the Dow Jones Indistrial Average has broken the 13,000 barrier, establishing a new all-time high. What does this all mean? Has the Dow been a good place to invest money? Listen to the first Priced in Gold Podcast to hear my comments on investing, the DJIA, and pricing in gold.
More on Dow Jones Industrial Average Breaks 13000 – Episode 1
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