Gold is mentioned 285 times in the Old Testament alone…more than any other metal. From the beginning, gold has been a noble metal, highly valued for its weight, rarity, durable non-tarnishing luster, shimmering beauty, ductility, and malleability. The use of gold by Biblical writers is as rich and varied as the precious objects into which it was formed throughout antiquity. Gold jewelry offered to Rebecca (Genesis 24) and to Joseph (Genesis 41:39-44) reflected their honored status as Isaac’s bride, and Pharaoh’s viceroy respectively, but the idolatrous golden calf forged at the foot of Mt. Sinai, brought shame and suffering on the Israelites. Abraham and Solomon both amassed great riches in gold (Genesis 13, 1Kings 10), which was a sign of God’s favor. God tests the faithfulness of his people and refines their hearts like gold (Zechariah 13:9, Malachi 3:3, Job 23:10). The Bible mentions several things more valuable than gold: A good name (Proverbs 22:1), wisdom (Job 28) and God’s law (Psalms 119:72).
The first ever coins were struck during the late seventh century B.C.E. in the Greek cities of Lydia in western Turkey, where the gold-silver alloy known as ’white gold,’ or electrum occurs naturally. For a time afterward, coins were made only of electrum, and the rarity of the alloy, limited the manufacture and use of coins, mostly to western Turkey. With the invention of gold and silver coins in the mid sixth century B.C.E. (also in Lydia), the minting and use of coins spread throughout the Mediterranean world.
Coins standardized trade payments, and allowed a measurable value to be applied to virtually all goods and services in ancient economies. 2600 years ago, there were no printing presses, so actual gold and silver were real money. When a person had surplus assets then, the assets were stored in gold and silver. The Hebrew term (Old Testament) for silver (ke’seph) is rendered “money,” and the Greek term (New Testament) for silver (ar-gy’ri.on) is rendered “silver money” or “silver pieces.” In Biblical times, wealth was stored, measured, and used for purchases, in gold and silver. It made the utmost sense, since gold and silver were difficult to come by, required effort and searching to produce, and were of real value. Gold and silver, in 2012, still require searching, effort, capital, machinery, exploration, milling, smelting, and manufacturing. Effort and expenditure, just as they required in Biblical times to produce.
Today, fiat money is produced by cutting trees, making paper, and printing value on it. No tangible value, as opposed to gold and silver. A tangible thing, such as a stove, tire, book, car, computer, or gold and silver, require capital expenditures, machinery, and raw materials, which require capital to produce. Gold and silver are beautiful, compact, universally desired, tangibles, which are easily bought, sold, stored, and as paper money loses value, will go up in paper money prices, like all other tangibles. People who store their surplus assets in dollar denominated items, such as savings accounts, bonds, and certificates of deposit, are in devaluing dollars. People who store surplus assts in gold and silver. watch their prices go up in devaluing dollars, while dollar holders and savers in dollars, are being steadily decapitalized.
Government printing presses, turning out trillions of dollars, are just taxing everyone, because everyone’s dollars are losing value, and anyone who has dollars as a way to store wealth, to me, is nuts. We must use dollars to buy things, and you cannot buy goods with gold and silver coins, as fertilizer, fuel, seeds, gasoline, and food, all have to be bought by the seller with dollars, not gold and silver. What is needed for surplus asset storage, are easily converted into dollars, gold and silver bullion, not numismatics. I have a client who has bought gold for years, and is now selling some of it to pay for a home is is building. His gold has doubled and tripled in dollar prices, which makes his new house, in reality, very cheap to build!
The last debate made the V.P. look like a rude fool, which is just the way Biden is, it seems. The first debate made Obama look like a cowering, scared, defeated man. What will happen tonight? Be sure to watch!