Tim Price, editor of the London Investment Alert, writes:
Those, like myself, who see merit in gold are often disparaged as “gold bugs”. I think the boot is actually on the other foot. There is no evidence throughout the historical record of any unbacked paper currency having ever lasted. The real swivel-eyed obsessives here are those people who put great store by paper, by fiat currency, that has no fundamental value whatever beyond the confidence that it may or may not inspire.
Don’t beware of gold bugs. Beware of paper bugs.
Tim's advice is sound. Ignore it at your peril.