Draghi On Gold "I Never Thought It Wise To Sell"

Tyler Durden's picture

While Ben Bernanke would prefer not to discuss the barbarous relic, having noted in the past that "nobody really understands gold prices," it would seem his European brother-in-arms has a different opinion. When asked this week, by the ironically named Tekoa Da Silva, his thoughts on precious metals as reserve assets (and central banks around the world increasing their allocations), none other than the ECB head himself Mario Draghi explained "I never thought it wise to sell [gold], because for Central Banks this is a reserve of safety." But Draghi did not stop there, and perhaps enlightened by the farce in Washington this week, the unusually truthful central banker explained, "in the case of non-USD countries, it gives you good protection against fluctuations of the USD." Perhaps that is why China continues to import gold at a record pace? Oh, and don't fight the ECB...


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Arius's picture

as compared to the answer of our Maestro in front of a Congressional committee: i dont understand gold ... is complicated

Jam Akin's picture

My mantra:  "Sell Paper.  Buy Physical.  Sleep Well."

Too bad Super Mario's buying so much paper.  Must be tough for him to get a good night's sleep...

sunaJ's picture

What? 'Buy intrinisc value,' I said?  I make joke!


Handful of Dust's picture



"Gold makes my head hurt."

--Alan Greenspan, aka Maestro, 2004

Pinto Currency's picture


Draghi finishes sentence:

"I never thought it was wise to sell... ... because we central bankers always destroy the value of currency, and then what are you going to do."

Keyser's picture

Ron Paul: Is gold money?

Ben Bernanke: No.

Case Closed.


Pinto Currency's picture

I like this.

Larry "Gibson's Paradox" Summers was in the room and the only one to visibly react to the question; may well have had an underwear malfunction.



p.s. Tell James Grant that the 'gold standard' is a paper money system where you promise not to print more paper than you have gold.

Guess what.

GetZeeGold's picture



Heh heh......gold bitchez!


Get thee some....

Squid-puppets a-go-go's picture

It is the way forward.

I think they will argue and negotiate and plan and cajole to make some other 'basket of currencies' or other alternative to a classic gold standard, but at the end of the day certain countries will only undermine or boycott it if their currency is disenfranchised.

in the end i think they will be resigned to going back to either a classic gold standard or cobble through some hybrid - but gold will be part of the deal, or else china wont be playing  for one

Real Estate Geek's picture

GodDAMN, that Deirdre is smokin' hot!

SpykerSpeed's picture

While you guys know I tout Bitcoin on here, I think now is a fantastic time to load up on gold and silver.  The prices have been beaten down so much lately and it's basically a firesale for physical.  I think the future of international currency and digital wealth transfer is in Bitcoin, but gold and silver will always be good stores of wealth.

Dr. No's picture

Gold price has been directly tracking with debt ceiling. Since the only direction of the debt ceiling is up, the last couple of weeks was a great opportunity to buy. I hope we have a few more days like today until February ( next ceiling hike)

Arius's picture

why? so it is more expensive?  you are being subsidized by the deep pockets of Joe sixpack - stop complaining about it and keep low until Joe realizes what is going on

TaperProof's picture

Nobody understands gold, except people on ZeroHedge

Thisson's picture

Correlation is not causation.  There is no way to know if the tracking relationship will continue or will diverge.

Mudduckk's picture

I have a position in the BTC. Silver phys. And some SLV. Bulk in the Phys. But wake me up in 4000 years when BTC has prooven the test of time.

Studying the weekly chart on the BTC suggests its testing resistance. Volume is akin to the Cyprus volume. Be interesting to see if it breaks out or trades back down to 120's. I would lighten a token or two in the 170's if no downward test. I will never liquidate my base position though. This MF could be over 1000 come FEB.

Of course I like FOFA thesis of 50,000k gold. My dude roller derby Bearing guy turned me on to him.

All in all big fan alt currency mates. And with a 95% correlation to debt ceiling. alls I can say is duh.


orez65's picture

"... but gold and silver will always be good stores of wealth"

Well, yes because gold and silver are MONEY.

BITCOIN is not money, it's a "digital note", a promise.

"... the future of international currency and digital wealth transfer is in Bitcoin ..."

Well, no. The future of international currency are digital notes, redeemable in gold or silver on demand.

SpykerSpeed's picture

"BITCOIN is not money, it's a "digital note", a promise."

Wrong.  Bitcoin is not a promise of anything.  It's a unit of a currency that cannot be inflated.  Its value floats on the market, just like gold's value does.

"Well, no. The future of international currency are digital notes, redeemable in gold or silver on demand."


So first you bash Bitcoin for saying it's a "promise" (when it's not), and then you say the future of international currency are... digital promises for gold.  Great.


You clearly haven't thought this through, have you?

Nothing but the truth.'s picture

Spyker - For me the biggest problem Bitcoin faces , is a Government order to shut it down. They will simply point out that the Fed is the only authorised issuer of curreny in the country and BTC is thus illegal tender. And when things start to get nasty ( as they are ) the government will be closing down anything they feel like.

Scarlett's picture

Let them try. 


Been watching this movie.  Started with "BTC is a scam.  Then BTC was a Ponzi.  Then it was for junkies and drug dealers. NOW it needs government support"?  


I say let them try.  This argument will collapse too.

overmedicatedundersexed's picture

A tasty bit for Ghordius:"The leader of France’s far-Right party has vowed that the European Union would “collapse like the Soviet Union” as she conspired to form what would be the most radical faction yet seen in the European parliament."

don't know alot about the" far right" so called, in EU, Whats up? anti illegals, less central power, ??

overmedicatedundersexed's picture

Ghordius, ever see the word "conspired" used to describe a leftist pol??

Ghordius's picture

the "far right"? it's the various fascist parties (including nazis). the "far" is used for parties under the suspicion that if elected, they would not have further elections

yes, plenty of left and right conspiracies. we still have a substantial amount of lovable communists to offset our darling fascists

overmedicatedundersexed's picture

Ghordius:"we still have a substantial amount of lovable communists to offset our darling fascists"..thanks for the laugh...Cruz here is called the" Far Right" here..by idiot MSM, state sponsored slander is so NOW.

SpykerSpeed's picture



Lebensphilosoph's picture

A , yes, Bitcoins are real, as is Santa Claus.

SpykerSpeed's picture

Yeah, and ZeroHedge isnt real because it's digital.  Youre just dreaming all this.

Mudduckk's picture

Dude just buy a BTC and relax. They're no more than the cost of a two bit backpage trick. Buy two and you got the blow. Then just sit back and watch it happen. dont be a hater. Just watch it happen. Watch the mo. Big bro dont care bout your two BTC. They got bigger markets to rig. Hackers dont care either. Dey all tryn fer Dred Pirate's stach of 600k tokens before the NSA. Your just not that important. In three words ur just one of us. So dont hate. Buy two n watch it happen. Ur moms will thank you when it hits 100k. Lol.

Thisson's picture

Bitcoin is for suckers.  Vulnerable to 51% attack and other things.

Silver is priced well (compared to its production cost) but owning silver is a bet on an improving real economy (real economy must improve for demand for silver, and thus price, to increase -- absent "monetization" of silver where it enters the market for use as money rather than as a production component).

Gold seems a much better bet, as an increase in gold's value is, unlike silver, not dependent upon policy makers enacting sensible policies that would actually improve the real economy.  The risk to owning gold is that real interest rates could rise, but I view that as contingent, in turn, upon an economy that has actually improved by clearing out malinvestments.  Gold also seems to have a better chance of being monetized than silver does.

LetThemEatRand's picture

Back peddle much?  Fuck face.  Another in a long line (lately) of "I told you so" after the fact admissions.   But it's okay because there are unicorns.  http://www.rothschild.com/

Teddy Tenpole's picture



Hey Randy, why don't you do your family a favor and either shut up or fuck off.  I read your posts and your conclusions and I think, "what a doomer douche bag".

LetThemEatRand's picture

Asshat.  3 weeks?  Seriously?  Funny how all of you fucks come out when the Rothschilds are mentioned.  Go fuck yourself you fucking whore.  Enjoy your ball gag while your employer fucks you in the ass.  Fuckhead.

fonzannoon's picture

How he got that 2nd greenie i will never know. if pig vomit could take a shit, he would be pig vomit shit.

LetThemEatRand's picture

Can you believe these fucks?   Thanks for watching my back.

vulcanraven's picture

These guys are paid to troll message boards and comment sections to influence the dialogue on whatever subject that threatens the status quo...

When the fuck will they notice that this is pretty much the only place on the internet that is immune to their bullshit?

Harry Dong's picture

As someone who has done some minor, part time tro lo lo loing/drunk posts I'm here for the fun and enlightenment. I've learned a lot thru the years and changed my views on a few things.
But the rude n crude pro trollers don't seem to make it past 6 wks. Maybe the Tyler's have something to do with that.

BlobbyBlueBland's picture

Well, there are a few other places on the internet that are bastions of immunity, but you're right to suggest that the vast majority of the internet is now infested with pro-government/banking/rothschild/israel/etc. shills. Over at another more chaotic board I like to frequent they've made it somewhat of a hobby to identify and ridicule the shills so much that even the sensible posts/posters are labeled as such. Good fun.

BeetleBailey's picture

keyboard cowboys...meet them in person.....dumb as dorrnails....I LOVE encountering Obamaviks and taint lickers of "big government"....in person....I grind them into dust...one by one...

Nothing but the truth.'s picture

This pole fella is an agent - call security.

IndyPat's picture

Gimp troll fuckers are thick as hell all the sudden. Guess they are heating up now that the furlough is over and Chalky can resume paying his blog troll squad.

IndyPat's picture

And he called you Randy. I think he's crushing on you.
Watch ur six.

LetThemEatRand's picture

I feel like I should consult my Red Book for what to do.  Really disturbing.  Fuck these fuckers.

JustObserving's picture

John Williams of Shadowstats expects hyperinflation to start by next year.  Gold and silver may come in handy then.


Charles Nelson Reilly's picture

Meh.... He's been calling for HI for a couple years now. I'd say doublr digit inflation in the next 3-5 yrs, but not hyperinflation.

PLira's picture

Sadly. I lost mine in a canoe accident but, whenever I see these asswipes like Silverdoctors, goldseek, Goldcore and any number of other turds whose simple job is to push PM's, I discount them as they are talking their book and not giving an unbiased appraisal of any situation. Their job is to upsell PM's, plain and fucking simple. They, like the rest of us on ZH want the world to buy so the price goes up. Plain and simple. That is the fact of the matter if you ask yourself, why do I push PM's So the peeps in my neighbothood can be prosperous? No, plain and simple individual greed.

How many times have these idiots been right in the past with their predictions? Gold to $2500 has been touted by many but not yet attained. Peter Schiff is one of the biggest shills but his predictions have continuously failed.

Yes, one day, my lost PM's will be worth a King's ransom but, to listen to anyone with a PM in thier URL is sheer folly. They have nothing but opinions which have all to date, been wrong.

Just buy it, hold it and discard what the shills are saying as they have no better knowledge than you or me.

That's all I got to say on it.

Blast away...

Alpha Monkey's picture

Up-arrow to you sir, but I have to say, I genuinely push PM's on people because I would like to see them preserve their wealth through the coming monetary transition.  I would like to see people return to honest saving and prudent planning for future generations.  I would also like to see people give their debt based currency back to industrial bankster complex and hold real wealth preserving money.  To me, is the realm of gold as it will outlast any games being played in the market today.  Not to say my greed doesn't influence my will, but my faith in gold influences it more, and my continued faith does not require positive price changes to be maintained.

seek's picture

I like John and I think he provides a valuable statistical service, but he's been calling for hyperinflation "next year" since 2008.

We really need to see the hard deflationary hit first before hyperinflation. That's been the pattern for quite some time. Perhaps all the QE covered that up, perhaps not, but I think we need to see things much more broken than they are before we can trust his call on this.

Squid-puppets a-go-go's picture

I'd be interested to hear John william's take on the zero hedge article a coupla weeks ago on that thesis about the shadow banking system's continual cratering sucking up all the QE and preventing what otherwise would be hyperinflation