by Simon Black
In official testimony before Congress in December 1912, just three months before his death, J.P. Morgan stated quite plainly:
“[Credit] is not the money itself. Money is gold, and nothing else.”
Governments, especially the bankrupt insolvent ones, have a long history of theft, deceit, and plunder. As we have discussed so many times before, confiscation and/or criminalization of gold is not exactly a zero-risk prospect.
So while it’s critical to own gold, it’s equally important to store it abroad in a safe, stable jurisdiction outside of your home country.