Video Evidence: People Don’t Understand Gold or Money

The average person doesn’t understand gold. Or even money for that matter.

I think we all recognize that there is a lot of ignorance out there, but I’m not sure we fathom just how uninformed a lot of the people around us are.

About 18 months ago, Mark Dice went out on the street in front of a precious metals dealer in Southern California and tried to trade a gold 1-ounce Canadian Maple Leaf coin in exchange for random stuff people were carrying.  Some of the items he tried to procure included a hat, a soda, a bag of clothes and ice cream.

Nobody would take the gold coin. (Gold was priced at about $1,800 an ounce at the time).

Granted some people were probably skeptical and thought they were being scammed. But Dice even offered to go into the coin shop and have the bullion appraised.

Still no takers.

And it’s clear by their reaction that many of the people simply had no clue how much an ounce of gold was worth.

Check out the video.