The Power of Gold: The History of an Obsession [Paperback]

 

 

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Recently, I have noticed a decline in the value of the dollar in the market and great increase of gold. Even the gold went over one thousand dollar at one point. Then, I came to thinking: what if we might be heading to some kind of economy collapse in our near future where our dollars in the banks will disappear overnight and we will be left penniless and head into a great debt without much a warning. Then, it would be likely that gold and silver might return to being as values/standards of money for survival purposes in the event of economy collapse. At least, that is my understanding of using gold.

Before this year, I rarely take notice of gold and often thought of it as just piece of metal. And, I often wondered why gold would be such a big deal or why would gold became a driving motivation behind every nation's growth. Again, I thought, "they are pieces of metals, nothing more...geez, it sounds like everyone is obsessed with such illusion. Why do we even bother?" Then, I was recommended to this book by Peter Bernstein.

"The Power of Gold: The History of Obsession" is very intriguing and easy to read, with only twenty chapters and roughly four hundred pages. It is certainly a book that I could not put down because it answered some of my questions on the subject, or at least to my understanding. I really liked reading about the histories of gold from the ancient times to present, including the stories of Lydian and Greek as well of Johann Sutter in the time of California gold rush. Also, it was interesting to acquire an understanding about the attitude of the people towards gold in the aftermath of The Black Death during the mid-fourteenth century.

I most certainly agreed with the author when he said the following:
"Those who believed that gold was a hedge against the uncertainties of life failed to understand that the pursuit of eternity is not to be satisfied by gold, or by anything else we choose to replace gold - dollars, euros, whatever. Gold and its surrogates make sense only as a means to an end: to beautify, to adorn, to exchange for what we need and really want." (p. 372)

After reading this book, I have gained a better understanding about gold itself: how it was viewed, how it was and is being used, and why were/are people obsessed with gold. Gold may be a piece of metal, but it seems to serve mult-purposes.

I am no economist or trader, but I found this book to be an enlightening read and very informative about the gold's nature, its history, and its relationship with humanity.

I thoroughly enjoyed this book and it answered many of my nagging questions about gold's history and in some cases financial history. While I was well prepped by other comments on how this was more a "history" book rather than an "investment" book, I didn't expect the degree of insight it would offer me into our existing monetary system. I found that insight rounded out the book very well.

Given the evolution in our financial and monetary system over the past few centuries, it amazes me to see the number of people who are still enamored with gold. The only real justification for holding gold is to be insured against a catastrophic event hitting the global financial system. Given that gold earns nothing waiting for that unlikely day, every investor has to ask them self how much they are willing to pay for that insurance.

Peter Bernstein makes a fairly compelling case to look at gold for what it really is today - a commodity. Gold did have it's day in the sun, but that sun has now set...

Having expected this book to be more about the get rich schemes or preparing for the collapse of the world economy, I found this book to be more like a world history lesson on gold instead. The book provides an interesting look at gold from a historical perspective, and how it has dominated civilizations around the world in both the past and present. Gold has, as few would doubt, stood the test of time akin to a financial Rock of Gibraltar, and this book presents why that has been so and why it will continue to be so.

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5.0 out of 5 stars Great history of gold and money in general book.
Not your typical gold book (most are Buy Gold Now! type books - this is an honest history), the author is a true historian that writes in a very easy to read and compelling style... Read more

Published on Nov 4 2003 by Ronald Williams

3.0 out of 5 stars ERROR
page 44
"A pound was equal to 20 shillings and a shilling was equal to twelve pence - a system that lasted from Norman times unntil the 1980's, when Britain finally... Read more

Published on Oct 18 2003 by minette bellingan - stoneman

3.0 out of 5 stars Interesting Nuggets, But Not 24 Carats
Peter Bernstein has written an overview of the relationship between money and gold throughout the centuries. Read more

Published on Aug 25 2003 by Wayne A. Smith

5.0 out of 5 stars Should be a part of your library !
I've got all of Peter Bernstein's books - he is to economics, finance and operations research what Carl Sagan is to science. Read more

Published on Jun 25 2003 by sameervittal

1.0 out of 5 stars don't bother
you've read 'agains the gods' and know of mr bernsteins superb reputation as an investor, so you're excited about what will surely be an interesting and informative read... Read more

Published on May 27 2003 by Bruce Gilardi

2.0 out of 5 stars Don't waste your time
Written with minimal thought and a bare command of the language, and obiously published without the benefit of a competent editor, this mediocre book is irritating to read at... Read more

Published on Feb 2 2003

3.0 out of 5 stars Show me the money
This book is packed with anecdotes tracing the history of gold and its place in the monetary system. The stories are generally interesting. Read more

Published on Aug 7 2002 by Richard Hayes

4.0 out of 5 stars Really about monetary policy
Bernstein is one of the great contemporary business writers, having produced books about risk and market theory. Read more

Published on July 6 2002 by Loren Fox

5.0 out of 5 stars Golden History
This book gives a good history about mankind's love affair with the yellow metal. Helps to understand why its is still valued when it is no longer used as money.

Published on Mar 27 2002 by rodog63jr

2.0 out of 5 stars Boring
I bought this book because I thought "Against the Gods" was a great book. I was, however, disappointed because it was tedious and not very enlightening.

Published on Feb 18 2002 by Tobyblur

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