We have gold because we cannot trust governments - President Herbert Hoover, 1933 Soon after, the Emergency Banking Act was introduced, forcing all Americans to convert their gold coins, bullion, and certificates into US dollars. In 1973 the US finally abandoned the gold standard and replaced it fully with fiat currency (money issued by the government).

Why Gold US$3,000 is next - Bank of America As Gold rallies to US$2,000 an ounce, we lift the hood on this thing and take a look at the price of gold adjusted for inflation. And this is what today's chart is about - the real price of gold.

It feels like surprises no longer have the same impact they did - its like being told Santa Claus is not real, it doesn't have the same element of magic. In today's chart we look at the yield on the US 10 year bond. The chart goes back to 1962 and shows us the yield peaking 15.41% in 1981 - the good old days when you could ear double digit returns for letting your money sit in the bank....good times, ey - and the constant decline to where we are today.

It's tough to make predictions, especially about the future. - Yogi Berra Who would have that all those Tesla bulls would be right. What is happening in markets right now is absolutely mind boggling - especially when it comes to the likes of Facebook, Amazon, Netflix, Google, Tesla - it really is a sign of the times.

When grey clouds fill the skies ahead, consumers tighten up their purse string. And the current economic climate is no exception. Unfortunately for economic growth, the consumer is one of the most important factors. To date, we have seen unemployment soar around the world, and at the same time fiscal interventions has caused personal savings to soar.

“The investor who says, ‘This time is different,’ when in fact it’s virtually a repeat of an earlier situation, has uttered among the four most costly words in the annals of investing.” - John Templeton