A Guide to Sound Money by Judy Shelton

David Morgan uses Judy Shelton’s 2010 booklet as a sound-money argument for holding physical gold and silver, framing precious metals as the historical monetary anchor versus today’s fiat system. The central message is that money should preserve purchasing power, and that gold in particular offers a store of value with no counterparty risk. He argues that fiat currency expansion leads to persistent inflation, asset bubbles, capital misallocation and worsening wealth inequality, while central banking has not protected real purchasing power over time. Morgan ties Shelton’s ideas to a broader critique of the Federal Reserve and to the view that stable currency is essential to economic freedom and long-term prosperity. For traders, the piece is more ideological than market-sensitive, but it reinforces the structural bullion-supportive narrative: distrust of fiat, skepticism toward policy makers, and renewed emphasis on owning physical metal as a defensive asset. He also flags CBDCs and public-private digital currency structures as signs of a monetary transition, which he presents as another reason to prefer gold and silver over paper claims.