Posted on 12/07/2010 2:22:10 PM PST by dennisw
A client of a major Swiss bank was recently refused access to his physical gold and had to hire attorneys and threaten to expose the bank publicly before finally getting it back in his own hands, according to Jim Rickards of Omnis.
“My inference is that that gold was not there,” Rickards told King World News. “The bank had to scramble, go out and find it somewhere before they could make good delivery.”
Rickards expects the world will eventually go to a gold standard-backed currency.
“To me, the big issue is, is it going to be intelligent or is it going to be ugly?” Rickards says. “Is it going to be something we think about, we have a public debate, hearing in Congress … we give some thought to, and then, over time … we do it in stages” so that markets can adjust.
Unfortunately, says Rickards, we’re on “the other path,” ignoring the issue and acting as if gold plays no role in finance, “which, of course, it does, keep printing money until almost spontaneous collapse of the dollar and then, in the midst of chaos, on an emergency basis, have the president announce that we’re back on the gold standard.”
Rickards' advice? Get your gold out now before other banks begin following suit.
Thestreet.com reports that gold prices “popped” after President Barack Obama's agreement to extend Bush-era tax cuts fueled investors’ concerns that the move would increase U.S. deficit problems and weaken the dollar.
Wise man. Grey is the way to go in such matters.
Well, as long as we are talking worse case scenarios, people I know who are thinking as I do are banding together. If "organized" groups happen, they will be confronting genuine organized groups.
Beside, a lot of people talk tough, but you get a bunch of ordinary people together to come at a well armed couple, that's a very different thing than trained disciplined soldiers. They will not take 4 or 5 casualties and stay together. It's not like TV and movies when real shooting starts.
Is there a reason it’s better to accumulate gold rather than simple mercury dimes? Just throwing it out for discussion.
Actually, there has been a problem with countfeit Panda’s (silver) being sold on Ebay. My policy is always to buy the common silver being sold over spot, mercury dimes and gold in tenths or quarter ounces. I have an open mind though and I’m always eager to read why I may be wrong in doing this.
Good analysis, but there is a difference between the Hunt brothers spiking the silver price and the government printing money like there is no tomorrow, not to mention what is going on with the Euro and Yen.
I’ve been saying for years that paper gold is fart gas, and any gold that you can’t grab in minutes isn’t really yours.
http://solari.com/articles/Options_for_Storing_Precious_Metals/
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