The rise of gold and the fall of money
By Patrick Dewhurst
INSPECT any British bank note and you will see in small letters the words “I promise to pay the bearer on demand the sum of… pounds”
The words allude to the days gone by when notes were a substitute for gold, and when the Bank of England would honour the note by handing over pieces of the metal.
Sadly this is no longer done, and currencies have no tangible basis – instead their value is based on trust and price stability: both of which are threatened by current economic climate.
In response to this, and the failing Greek economy, many Cypriots are turning to gold for security, giving rise to hundreds of gold retail, brokering and storage firms.
One such firm looking to capitalise on the Cypriot market is Bullion Management Group (BMG), and last month vice president of Business Development, Paul DeSousa, was in Cyprus to give a lecture on the rise of gold and the fall of money.
DeSousa believes that for those seeking tangible investments in an era of increasing financial uncertainty, gold offers “the ultimate in wealth protection”.