A Way Out - A refuge still remains for investors. There is still largely free exchange between government paper and gold and silver. By making this trade, we can opt-out of the spiral of default.
history often repeat itself -
In 2001, if your average Argentinian had kept his books in gold instead of pesos, he would have been insulated from the financial circus that has since ensued. He would not have experienced the haircuts, the devaluations, or the “surprise” of finding out that the government wasn't good for its money.
What is true for Argentina is true for the rest of the world. As the number of outstanding promises of defunct governments continues to rise and the means to honor those promises fall short, then there is no clearer lesson for our future than looking at Argentina's recent past.
Dickson Buchanan is a Precious Metals Specialist at Euro Pacific Precious Metals. He received his MA in Austrian Economics from King Juan Carlos University in Madrid, Spain, and is currently enrolled in the doctorate program. Dickson joined the Euro Pacific Precious Metals team in 2012
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