Silver Is 60% of Its Price from 1980 | The Gold Standard 2430

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In this latest episode of The Gold Standard, hostess Jennifer Horn welcomes Ken Russo, SVP of the Midas Gold Group, for a compelling discussion on the crucial warnings we need to heed in today’s rapidly evolving financial landscape. This episode delves into the looming threats posed by the transition to digital currency, the inherent risks of having our finances solely reliant on digital systems, and the ever-increasing danger of cybercrime. Together, Jennifer and Ken provide invaluable insights and practical advice on preparing for these digital disruptions and safeguarding our financial future.

“My reaction on Friday was obviously that this will inevitably happen; what can we do to protect ourselves from being financially ruined when it does happen?”
—Ken Russo

Tech Outage Cripples Multiple Industries

In a stark reminder of our reliance on technology, a recent IT outage caused by cybersecurity firm CrowdStrike crippled multiple industries, including airlines, banking, healthcare, and retail. Affecting approximately 8.5 million Windows devices, this disruption highlighted the vulnerability of our modern supply chains to digital failures. The outage led to widespread flight cancellations and delays, temporary halts in financial transactions, and significant logistical challenges that experts predict could have lasting effects for weeks. This incident underscores the urgent need for robust digital resilience in an increasingly interconnected world, where a single technological failure can ripple across global operations. It’s also a stark reminder to take steps now to protect your buying power because an overreliance on digital technology isn’t the only problem.

From the Federal Reserve to Fiat Currency: A Historical Journey

The formation of the Federal Reserve in 1913 marked a pivotal moment in the United States’ financial history. With the idea of providing a safer, more flexible, and stable monetary and financial system, the Federal Reserve was a response to a series of financial panics that had wreaked havoc on the economy for decades. This central banking system aimed to prevent such crises through having more control of the money supply, and serving as a lender of last resort, ensuring liquidity in times of financial stress. The Bretton Woods system established the US dollar’s dominance, pegging it to gold while other currencies were pegged to the dollar. This system worked well initially, but by the late 1960s, mounting economic pressures such as increasing inflation, trade deficits, and the costs of the Vietnam War, led to concerns about the sustainability of gold reserves backing the dollar. Foreign countries started demanding gold in exchange for their dollar holdings, depleting US gold reserves. This untenable situation culminated in what is known as the Nixon Shock. This policy ended the direct convertibility of the US dollar to gold, effectively taking the country off the gold standard.

These shifts in our financial history have allowed for greater flexibility in monetary policy, enabling governments to respond more effectively to economic crises but they’ve also introduced significant risks, including inflation, currency devaluation, and loss of purchasing power.

We’ve seen throughout recent history that without the discipline imposed by a commodity-backed system, governments overspend and accumulate unsustainable levels of debt, ultimately undermining the currency’s stability and value.

The Importance of Tangible Assets in a Volatile Economy

In an era where the value of fiat currency can fluctuate dramatically due to economic policies and global uncertainties, having tangible assets like precious metals becomes crucial. Gold and silver have historically maintained their intrinsic value even during times of economic turmoil. These assets provide a hedge against inflation, currency devaluation, and financial instability, ensuring that your wealth retains its value regardless of market conditions. By diversifying your portfolio to include precious metals, you protect your financial future and mitigate the risks associated with an unpredictable economy.

Silver: The Strategic Metal on the Rise

Silver is a unique and strategic metal, keeping pace with gold and often outperforming it. Since the start of the year, silver has surged by more than 20.8%, driven by its dual role as a precious metal and an industrial commodity. Silver is an essential application in electronics and solar power. As the world increasingly shifts towards green energy solutions, silver’s role in solar panels, batteries, and other high-tech industries has positioned it as a crucial component of the future economy. Silver’s rising industrial demand, coupled with limited supply and ongoing restocking needs in major markets like China and India, suggests a sustained upward trajectory for its price.
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