Holding Dollars Is an Investment — Guaranteed to Lose

Mike Maloney argues that holding cash is a guaranteed losing proposition because fiat currencies steadily lose purchasing power over time, framing cash as an “investment” that erodes value. His conclusion is that true saving should be in forms of money that the free market has chosen, namely gold and silver, with Bitcoin mentioned alongside precious metals as an alternative store of value. For bullion desks, the piece is more philosophical than market-specific, but the core message is supportive for precious metals as long-duration monetary assets. It reinforces the inflation/fiat-debasement narrative that typically underpins physical demand and investment interest in gold and silver, though it offers no pricing levels, flow data, or timing catalyst.