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Gold and silver are the only items that I hold for the long term.  My confidence in this decision grows stronger by the day, but it is a lonely conviction as most of my friends seem to be completely in the dark about the meaning of gold and silver, and their history as money. It’s not just my friends of course. Most people don’t understand that gold and silver are timeless money.
However, many foreign nations like China, India, Russia and the oil producing countries do understand the meaning of gold and silver, and I believe all these nations want to boost their reserves, while at the same time ridding themselves dollars. Their problem is that buying gold and selling dollars too quickly would raise the price of gold and depress the value of the dollar much too quickly. Therefore, patiently waiting, corrections in gold are a welcomed subsidy for many of these nations, as they continue to build their holdings in gold. This acts as a “put” for gold, since nearly every time gold drops, buying immediately comes in.  Remember, count your metals holdings in ounces, not in dollars, and get longer gold and silver.