The premise is that if there is an economic collapse and paper money becomes non-negotiable, gold will retain value.
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Replace the attached chart with a new chart? Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators. Past, Present and Futures There are two ways to invest in the gold market: Buying the physical commodity gold is to have ownership; so, although price will fluctuate, ownership is final. Buying a futures contract or stock is speculation; you do not own any gold but can make a profit. To learn more, read The Gold Showdown: A gold futures contract is a legally binding agreement for delivery of gold in the future at an agreed upon price.
The contracts are standardized by a futures exchange as to quantity, quality, time and place of delivery. Only the price is variable. The contract refers to the commodity "gold". Gold stocks are not a commodity in this sense.
Stocks from the gold industry sell shares but do not represent any form of gold ownership. Gold bullion is any type of gold product that is sold for the gold content. The price of gold bullion, in whatever form, follows the daily spot price of gold. The gold bullion market is international.
The demand is global. Gold is being traded somewhere in the world at virtually every hour of the day. The Golden Rule The phrase " flight to quality " usually refers to gold, which is often called the currency of last resort. The premise is that if there is an economic collapse and paper money becomes non-negotiable, gold will retain value. Currency is any form of money of any country, and money is anything that can be exchanged or bartered for something else - making gold the ultimate form of money during any economic recession.
For further reading on how money is exchanged, read From Barter to Banknotes. If the desire is to have commodity money as an alternative medium of exchange, buy gold bullion. Foreign currencies do not replace gold because no country is on the gold standard. A purchase may require more or less gold, depending on demand, but gold is usually acceptable currency everywhere. For more, see What Is Money? Only gold is gold. Gold stocks are not redeemed for gold.
Gold futures contracts are seldom redeemed for gold. Buying into a gold fund or index does not mean you have possession of the commodity gold. Buying foreign currencies is not a substitute for the commodity gold. Ownership of gold is accomplished only by purchasing gold bullion. It can be gold coins, gold bars or gold jewelry.
Truth and Consequences of Currency Trading Money and gold may seem the same, and they can all be equally acceptable currency, but they are different. Money is anything acceptable as payment.