Gold bugs sound more and more like modern day socialists. “It’s not OUR strategy, it’s how badly it was implemented!” Also gotta love the conspiracy theorists.
Gold is collapsing because all those hedge funds that loaded up are getting big-time margin calls and they have no other choice than to sell, including your boy Soros.
I like to read Schiff because he comes at things with a different viewpoint but his monetary approach is getting a little shopworn. Gold went from about $275 to about $1900 and now it is going back down. BIG F*’in DEAL!!
And Peter, when the SHTF, I’d rather be us with the Stealth Bombers and the best military on the planet with increasing oil and gas reserves than the Chinese with a metal they can’t EAT. So take that STUPID comment about the gold in Fort Knox and RETIRE IT. Like the Indians will be able to make a case about that.
And Obama doing this? He has no influence on this whatsoever. ETF’s created the price rise without the physical gold in the bank and now the synthetic price rise is being un-ravelled. So what? The price of oil is falling. Wouldn’t it be nice to pay .50 less a gallon?
Nice sentiments, however, one thing that has been consistent for some 800 years has been gold.
Fiat currencies like the dollar come and go.
How long can a fiat dollar last when we have a government and Fed that take in $2.5Trillion per year, yet budget $3.77 per year while we have a public debt of $100Trillion, entitlements of $2.6Trillion and interest on official debt of $2.5Trillion?
Gold is merely a store of value - as the dollar used to be. All currencies are fiat currencies these days, while the US Dollar at present may be the very finest horse in the glue factory, this game is far from over.
The dollar is nothing more than a promise to store value - however, anyone who can count can see that the dollar is only the ‘wrapper’ that value used to come in.
“God’s Money” has always been gold, as they are not making any more of it, and its scarcity is virtually its insurance. At the moment, governments are playing their usual games and attempting to manipulate the market - they have always done so.
Even in the USA, the scoundrels made possessing gold ILLEGAL - like owning drugs. They did this to force people into the banking system and fiat currency. This is happening again - new taxes, central banks selling gold, markets in turmoil...
Go ahead and believe what you read in the papers, believe what the government tells you.
At the end of the day, when this is all over, it will prove to be better to have had gold or silver stuffed in your mattresses than dollars that will prove to be worthless.
No kidding. The price can't go down because people are selling, it has to be a secret conspiracy. I guess that's why housing tanked as well.