This is the Ramsey Call of the Day, part of the Ramsey Network.

Patrick is with us in Tucson, Arizona. Hi, Patrick. How are you?

I'm great. How are you today?

Better than I deserve. What's up?

Hey, so I just had a quick question here. I was going through some of your older Dave Rance on YouTube and heard one about gold.

And I agree with you that mutual funds are definitely a better investment in the long term than gold.

I also agree that people would not be trading gold bars for blue jeans or whatever in the event of a major

economic collapse. But where I would kind of challenge a bit is as far as gold goes,

I would look at it more as like an insurance policy to kind of preserve the wealth in the

event of some sort of major economic situation.

If you had some of your wealth in gold, then presumably if there was some sort of collapse

of a currency and a new currency were to come up, that wealth would maintain its value

at least somewhat through the transition. And then when you're out at the other side, you'd still have, you know,

you wouldn't have lost everything, right?

Mm-hmm.

The problem is that since the Roman Empire, you can't find an example of that happening.

Of people using gold to preserve their wealth. To survive an an economic collapse and it holds its value and

they come back and turn a corner on a currency it never has happened well i mean if we look at um i know

in your previous rant uh you know rant on on gold you had mentioned the, uh, um, the, the confederacy, right?

And if, you know, um, at that time, people did use gold as currency and anybody who had

gold as currency, um, and if they kept that instead of transitioning to the Confederate money, then once that

Confederate dollars collapse, they'd still have that value in the gold.

...