Since when is betting against the Fed the same as betting against America?
“(Portfolio amounts to huge bet against the US economy)”
Huh? Guess everyone on FR better sell their gold fast, so they won’t be betting against the US economy.
Ron Paul has been warning about this for years - so I don’t blame him for taking action himself with his own money.
bump.
Smart guy. Mining stocks represent one of the most obvious great values of the entire stock market. While gold has gone up tremendously, gold stocks have badly lagged behind as dumb investors sold them off along other equities. These companies’ revenues are totally based on the price of gold, not on any of the factors that got the other equities down. Every quarter they report at this high gold prices will make these companies more and more undervalued until they catch up to the price of gold. Fellow freepers, chart the GLD (moves with the price of gold) vs the GDX (miners’ ETF) for the past 2 years, and notice the huge gap that developed only in the last few months. You might want to take advantage (especially if you can select miners with low costs and increasing production) before that gap closes.
“(Portfolio amounts to huge bet against the US economy)”
It is actually the reverse. The folks running the US economy are hell-bent on waging war against any private accumulation of new wealth. Gold only goes “up” in dollar terms when the wealth represented by the dollar goes down in real terms.
None other than previous Fed Head, Alan Greenspan told people exactly why they should hold their personal wealth in the form of gold instead of in dollars when he wrote his famous essay, Gold and Economic Freedom. Here are the last two paragraphs:
“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.
“This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.”
see:
http://www.constitution.org/mon/greenspan_gold.htm
Funny how most of these congress-critters seem to become multi-millionaires. And that’s BEFORE they leave office. After they leave they become multi-gazillionaires.
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RP is just placing a legitimate contrarian bet that the Fiat Dollar is a Ponzi scheme as opposed to the typical FR/CNBC boosterism. This is all of a piece of the Financial Elite attempt to ban all short selling and alternatives to the Global Fiat. We must Obey!
Strangely the National Journal sure seems to get a lot of attention around these parts and IMO it has almost ZERO Credibility.
He’s still a nut when it comes to foreign policy, but as for the economy, he’s right on target.
“Ron Paul Owns Millions in Gold Interests”
So?
If one sees or thinks a storm coming, are they supposed to run out in the yard with metal golf cleats on, standing under a tree and holding a five iron up in the air?
Silly “expose’” article...