How I became a Gold Bug
Salinas Price became a gold bug as a boy. He received a gift of $100 silver pesos, and exchanged it for ten $2 gold peso coins. He put them in his father’s safe, and took them out to admire from time to time. At the age of 14, in 1946, he went to school in the US.
“During my years at school it never crossed my mind to think that of all the people in that small town, I was very probably the only person—and only a youngster, at that—who had ever seen a gold coin, let alone owned one. Americans are still generally unaware of gold money, since they were deprived of it in 1933 by FDR, and only allowed to own gold again in 1971, thanks to the efforts of the great American Jim Blanchard.”
“What happened to my little stash of ten $2 peso gold coins? I still have them, after all these long years—I am now 84. Slowly but surely, they are growing in value, and they are still obtainable today, in exchange for $1,523 pesos each as of this date. These are really $1,523,000 pesos if we take away the artificial revaluation of our Mexican money in 1993, when every $1,000 pesos was converted into $1 ‘new’ peso. So my gold coins went from $10 silver pesos in 1942 to $1,523,000 paper pesos in the course of about 74 years.”