I've always been puzzled by those people who buy gold instead of stocks or bonds. 

What they say is that in case of an economic collapse, gold will persist as a form of currency.

But let's imagine a true economic collapse, as after a major EMP (electromagnetic pulse) or CME (coronal mass ejection) which takes us back 200 years or more.

So, there's no high tech, almost no petroleum products (fuel, plastics, medical goods). 

You can't eat gold. Why would anyone who has anything of value,—like meat or vegetables, horseshoeing skills, or rudimentary dental or medical skills—want gold? If I can shoe a horse, for example, wouldn't I want a chicken in exchange? why gold? 

If times get hard enough, won't basic commodities and skills have a value that gold can't compete with.

It's not like gold will buy you a Picasso under those circumstances. And who would want a Picasso under those circumstances anyway?

Tags: economics, gold

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