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"The true value of gold"- excellent article on current gold situation!

 
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User ID: 619959
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09/23/2010 11:59 AM
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"The true value of gold"- excellent article on current gold situation!
The true value of gold

By Ellen Kelleher

Published: August 28 2010 00:23 | Last updated: August 28 2010 00:23

A few choice quotes snipped from the article......

“Gold is stable,” Baird says. “It’s the value of money that goes up and down.” Baird & Co sells gold to everyone from pension funds to jewellers, and as the MD says: “Our machines can’t work fast enough these days.”

Demand for gold has risen since September 2008, when the financial crisis began roiling the markets, following the collapse of Lehman Brothers. Investors may have lost faith in paper money, but by June this year, $81.6bn was stored in gold-backed, exchange-traded funds – more than eight times the amount invested in March 2006.

Meanwhile, the Rand refinery in South Africa, which produces the world’s most popular gold coin, the krugerrand, has been forced to increase production to keep up with demand. And in May, the Austrian Mint sold 238,000oz of its Vienna Philharmonic coin, a six-fold increase in a year.

. . .

One thing some “gold bugs” do not buy is the idea that gold is too expensive; in fact, they argue that the price would be much higher were it not for the manipulation of the market by central banks and bullion banks, which handle government trades. “This price suppression is a scandal,” says Bill Murphy, founder of the Gold Anti-Trust Action Committee (Gata). “And it’s going to be huge when it is exposed.” “Gold is the economy’s thermometer,” says Murphy, “and every time its price goes up, it’s bad for banks, for Wall Street and politicians. So it’s in their interest to keep it down.”

“There hasn’t been an independent audit of US gold reserves since 1955,” he says. “Don’t you think that’s a bit suspicious?” Murphy is not alone in calling for a public audit of the gold supplies held by central banks and the International Monetary Fund (IMF). Ron Paul has been calling for an audit of the gold held by the US Federal Reserve since 1982, when he served on the US gold commission – set up to examine the role of gold in the monetary system.

Ron Paul thinks the system of fiat money facilitates “governments’ attempts to inflate, control the economy, run up deficits and fight senseless wars”. He worries, too, that both the supply of paper money and government debt levels are spiralling out of control.

“My beef is with the paper money,” he says. “All the problems we’re having today were destined to happen. Gold plays an important role in the monetary system because it restrains government spending.” Without it, Paul argues, central banks have the power to print money without pausing to consider the consequences, and more impetus to spend it.

While they refuse to rule out the reintroduction of the gold standard if economic Armageddon descends, a clutch of economists contacted by the FT are quick to poke holes in Paul’s ideas.

Gold reserves have long been a measure of wealth, and shifts in the location of the world’s biggest deposits testify to the fierce economic wars the US and Europe are waging with China and India.

Last year, Chinese investors bought 73 tonnes of bullion, up from 18 tonnes in 2007. “It would cause quite a stir if China came into the international market and tried to buy big amounts of gold,” surmised one strategist.

. . .

Over tea at the Fleming family’s private bank just off Trafalgar Square, Adam Fleming bemoans the opacity of the gold market. “Gold and silver are the DNA of currency,” he says. “When the chips are down, precious metals are the only fungible currency.” Fleming believes we are seeing gold begin to reassert itself in real currency terms. “The levels of paper money have reached an extreme never seen before,” he says. “I worry about the markets.”

Fleming also argues that it’s in the interest of governments for gold markets to remain somewhat opaque; that today’s system of fiat money rests on keeping much of the inner workings of monetary policy secretive. “Politics and gold are uneasy bedfellows,” he says. “And politicians like to control their currency.”

. . .

The rising price of gold also coincides with public disaffection with our governments’ inability to resolve our difficulties. Poor economic reports keep rolling in. In the US, fewer jobs than expected were added to the payrolls in July, while Ben Bernanke, chairman of the Federal Reserve, has said he believes the ­Federal Budget is on an “unsustainable” path.

Maybe it just comes down to, as a Financial Times reader pointed out in a letter to the editor last month (July 6), whether you can trust politicians and central bankers. He quoted George Bernard Shaw: “You have to choose between trusting the natural stability of gold and the honesty and intelligence of the members of the government. And with due respect for these gentlemen, I advise you… to vote for gold.”


<50%....
[link to www.ft.com]
Anonymous Coward (OP)
User ID: 619959
Canada
09/25/2010 07:09 AM
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Re: "The true value of gold"- excellent article on current gold situation!
bump
Anonymous Coward
User ID: 1109604
China
09/25/2010 07:19 AM
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Re: "The true value of gold"- excellent article on current gold situation!
Welcome to the Internet. Welcome to GLP. And welcome to kindergarten, PM-style. (PM=Precious Metals).

Now, here's lesson one on gold at GLP.

First, you gotta say "Gold biatchez! Ya can't eat it, but I'll be fucked if I'm gonna eat your damn paper tripe smeared in fecal matter and germz from Kosher delicatessan counters!"

Then ya say "seeya at 5k, papertards!"


Then you give an almight evil hahahahhahhahahaha, flip the bird to the papertards, and then..AND ONLY THEN...provide the link and some of the paste job ya just did.

Capiche?
Anonymous Coward
User ID: 1099810
United States
09/25/2010 07:37 AM
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Re: "The true value of gold"- excellent article on current gold situation!
Pretty interesting. You could tell the bias against manipulation in the article though. At least they used GATA. Maybe they should have mentioned Andrew Mguire from the LBMA. They could have got the truth right from the horse's mouth. When someone like him proves it by example, you just can't deny that it's all manipulated. I'd say the attempt on his life was a good indicator that he's on to the truth.
rken

User ID: 1109329
Thailand
09/25/2010 07:43 AM
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Re: "The true value of gold"- excellent article on current gold situation!
Gold its what for dinner.

buy now before it goes up. You'll be glad you did.
AFFIDAVIT OF TRUTH
for taking back your Sovereignty
[link to www.buildfreedom.com]