Gold and silver in Britain’s coins – where did it come from and how did it get here?

Two thousand years of monetary history and what it tells us about fiat currencies

Denver Gold Group/Presentation by  Graham Birch/9-21-2020

“Chancellors of the past would be turning in their graves – envious of Rishi Sunak’s ability to conjure money from thin air.  In the past, there were three ways to increase money supply:  Trade for precious metals, capture the wealth in battle and mine the metals.  Over two millennia, the people of Britain have done all three.  Rishi Sunak doesn’t have to do any of that – so much easier to wave a magic wand like Harry Potter.”

USAGOLD note:  So true, but the process does not read to a healthy conclusion and points up the need to own gold and silver as part of one’s personal defenses against the excesses of the money printers. This point is well made in the ultra-long term chart reproduced below. Note the stability in Britain’s consumer price index for more than 700 years – until it went off the gold standard in early 20th century and launched a fiat money economy. Also, the acceleration in the price of gold from the date of that decision.

Sources: Bank of England, ICE Benchmark Administration Limited, St. Louis Federal Reserve [FRED]

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