Home / Free Market / Gold Is Not Money. This Video Shows Why.
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Gold Is Not Money. This Video Shows Why.

Written by Gary North on February 11, 2013

Mark Dice says that hardly anyone knows the price of gold. To prove this, he went out on a pier at the beach in southern California. He stopped people and told them they could have a free gold coin if they guessed the price of gold within 25%. He showed them the coin.

No risk. No problem. Free gold.

A lot of people just walked away. No interest in the offer. Contempt for the offer. Not worth spitting on. “Buzz off, Bozo.” I mean who wants free gold, anyway? It’s a trick.

The survey had to end when someone guessed right. No more coin. No more survey.

He will be able to take another survey.

Significance? Gold is not money.

Anything that no one knows the price of, is not money.

If no one wants it for free, it’s not money.

Anyone who says that gold is money for anyone except central bankers, who have rigged the game with the clueless general public, does not understand free markets, voluntary exchange, and the role of money in a division of labor economy.

Ludwig von Mises said that money is the most marketable commodity. A commodity that ignorant Americans do not want for free is not money.

If gold is not money in the United States, then it’s not money in the West. The United States has the central economy in the West.

In India, it might be money. Maybe in China. Or at least it could become money.

The gold-haters have done their work well. They have won the war on gold with the man in the street, which is the only place it really matters: in the street.

If you think there is any chance short of an economic catastrophe of returning to the gold coin standard, watch this video.

If your plans include a return to the gold coin standard, watch this video.

If you think you will be able to barter gold coins for survival goods during a crisis, watch this video.

If you think that gold can be used on its own to attain personal wealth, without your having to go to a gold coin brokerage house and exchange it for fiat money (and pay ordinary-income taxes on the profits), watch this video.

If you bought gold for any reason other than making fiat money on a buy-then-sell deal, watch this video.

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31 thoughts on “Gold Is Not Money. This Video Shows Why.

  1. You have got to love our Education system!. Next Question, Who did you vote for as President and WHY!?.. Hmmmmmmm I would love to here those Answers!..

    • Texas Chris says:

      The REAL education is going to come when the US Dollar collapses. Then we're going to go through the barter-trade-commodity-money evolution again, as all collapsed societies do.

  2. Mike Austin says:

    You can ask 100 people what Obama has done to raise taxes. You will get the same dumb cow look. Does that mean Barry is not the prez? No. Stupid premise for a story.

    • You get dumb looks because it's a dumb question. Obama's done little to raise taxes. Sure, our SS taxes went up, but that's because the tax holiday ended, not because taxes were raised.

      • Texas Chris says:

        No, it's NOT stupid. He campaign on nobody making under $250k seeing a tax increase. We have. He lied.

        He didn't say "I won't raise your taxes", no he said "you won't see" a tax increase.

      • Dark Patriot says:

        Are you this ignorant for real? My taxes have jumped. The cost of food, gas, and electricity have gone up because of this communist.

    • If you know nothing, don’t comment. The definition of money is that it is the most widely accepted medium of exchange. If people are this ignorant about it, it can’t be money. Whether Obama is the president, on the other hand, in no way relies on whether people are aware of his tax policies. You read this site and you don’t know the definition of money?

  3. That's, like, California, dude. If you asked Kansas farmers, you might get better answers. But not many farmers left.

  4. Even if all that is true, it's true only up until SHTF and TEOTWAWKI. After the economic collapse, I think it'd take all of a week for people to figure out a new money system and go with it. Hunger is a great educational tool.

    • Texas Chris says:

      I agree, the great educator is coming, and it's not going to be pretty. Especially if you're sitting on a fat pile of Fractional Reserve Notes.

      At least with gold (and silver) you can sell it for whatever the new "money" is (giving Doc North some well deserved leeway, here!) after the US Dollar collapses. If you're holding dollars, all you have is toilet paper.

  5. Just proves "Jay Walking" on the Leno show has been spot on. SoCal isn't last long enough to fit any scenario other than as Norte Baja California.

  6. A bunch of Obama supporters.

  7. Expert Witness says:

    If he had asked over here in th hills of appalachia he would have been lucky to have been able to pose the question twice before loosing his coin. Californians are SO smart. Look how well they are doing in the race to have the first US state declare bankruptcy.

  8. Dark Patriot says:

    Ask me the cost of an ounce of gold. It would be mine.

  9. The commodity, gold, has a value regardless of a poll of ignorant, uninformed Americans that do not know the daily value. That was supposed to prove that it is not "money"? If those same Californians could not tell the pollster how many Euros or Yen the American dollar is worth, then it is not money????? One may not know how gravity works, but is subject to it even if they do not believe in it.

    • Your comment is the only smart one in this thread; and very smart, indeed. Absolutely right. Ask how many Euros a dollar is worth and 95% won't know what a Euro even is. Proves nothing except that most Americans are dumb as a post. Ask 'em what the NDAA is. Duh, don't know, but it has suspended every principle of western civil rights since the Magna Carta.

    • rusureuwant2know says:

      Gold is the "legal" standard, but money is whatever people are willing to trade for.

  10. wiltedrosemarybush says:

    DAMN I wish I had been at that pier!!! I live in SoCal (not proud of it, but…) and I could have quoted probably within 5% or so either way. Damn damn damn!

  11. wiltedrosemarybush says:

    I think that a lot does depend, though, on where one poses the question. Also, I do not know that I would say, "If you think you will be able to barter gold coins for survival goods during a crisis" with the implication being that your gold won't get you very far. Keep in mind that the same folks who fail to understand the significance of gold also likely would have nothing you would want to barter for in the first place. Will they have stockpiles of food, guns, or ammo that would like to purchase? Almost certainly not. The only possible thing I can think of is if, perhaps, they have a cute 16 yr old daughter for sale. Apart from that, though, I really don't see what I would be trading for with them. OTOH, though, anyone that might have goods that I would be interested in probably DOES understand the value of gold, so bottom line I think this is a non-problem.

  12. While I do have some silver coins, I will probably be bartering with the food, ammunition, and medicines that I have stockpiled, and the crops we'll be growing.

  13. Gold is money and is the only real money there is.
    Setting it value in paper is meaningless.
    Every single nation on the planet measures the value of their fiat paper by one ounce of Gold.
    Making the world on the gold standard regardless what they say with their mouths

  14. Blair Franconia, NH says:

    My guess would have been between $1300 and 1500.

    • David in MA says:

      The value of gold is the same for any medium of exchange, what the seller and the buyer agree to for the goods being transacted. To one person gold for grain might be a value of $10, to a person wanting to trade for medicine it would be more for the goods being bought……stupid survey, must be an oboso follower.

  15. Gray2Hairs says:

    I guess I will have to trade gold to only people who have a clue. That will eliminate the ignorant and the Kool-Aid drinkers. Since i doubt they will be around after a collapse of the economy it probably won't matter anyway.

  16. SO SAD how DUMB so many Americans are….even worse; THEY VOTE!!!

    Jay Leno focused on the disastrous lack of education of Americans in his "Jay Walking" comedy spot; what was SO SAD was that his audience LAUGHED …..when they should have actually been DISGUSTED!!!

  17. A lot of people would walk away not answering the question due to the fact that they do not want to appear as dense and uninformed as they really are. These are the same people that voted for Obama for reasons that continue to baffle most of us who knew better.

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