Refrain From Investing
“Since it is unfortunately not within our power, as ordinary citizens, to do away with fiat money,we have to live with it and manage our affairs accordingly; we must, in other words, take rational economic decisions in the context of an irrational monetary regime that distorts relative prices and renders them increasingly meaningless as guides of where to invest.

“Here, I think, is where the role of gold comes in: acquiring gold is not an investment. It is a conscious decision to REFRAIN from investing until an honest monetary regime makes rational calculation of relative asset prices possible. In this sense, gold plays a quintessentially monetary role: it permits you to postpone your investment decisions and to keep your options open for future investment. As awareness of this function of gold (and silver) increases, its price relative to other assets (including fiat currencies) rises. This is what we have witnessed over the last several years.”

And yes, of course, the price of gold could easily retrace some of its recent gains. But for gold and silver prices to collapse (or for these supposed bubbles to “burst”) would require a sudden and hugely unlikely rediscovery of mass fiscal and monetary credibility on the part of G7 governments who are currently slashing at the value of their own paper currencies like Freddie Krueger,perpetuating the already overly long Nightmare on Wall Street. Source