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Draghi: We Have Nothing To Fear But Gold-Buying Itself
ECB head Mario Draghi made it clear where the real battle is taking place in the world this morning. When asked what form QE would take, his response was to the point... "On what sorts of assets should be included in QE... we discussed all assets BUT gold" and gold dropped, right on cue.
Not really sure which assets we discussed but definitley not gold!!
And the result...

* * *
So to summarize, the ECB will willingly take on Greek bank CDOs, Italian 3rd lien espresso shop loans, Spanish condo HELOCs, and Portuguese Used-Car ABS... but not - never - gold.
* * *
It appears we now know who the enemy really is... not deflation but the dreaded barbarous relic, gold.
Perhaps this is why, as Kyle Bass so eloquently noted:
"Buying gold is just buying a put against the idiocy of the political cycle. It's That Simple"
Q.E.D.
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When the ECB comes out publicly, wanting to buy from the masses. it will find that very few are willing to sell without a gun jammed in their backs.
gold.
the king of four letter words
I truly hate this (gold)man. Central bank lies shall be exposed for what they are worth; broken promises and thievery.
"A choice must be made between the natural stability of gold and the honesty and intelligence of the members of government, ...... I advise you, as long as the capitalist system lasts, vote for gold.” - George Bernard Shaw.
"The last duty of a central banker is to tell the public the truth" - Alan Binder Federal Reserve Board Vice Chairman, Nightly Business Report 1994
“The absence of gold as an intrinsic part of our monetary system today, makes our century, the one that has just passed, unique in several thousand years.....” - Robert Mundell, 1999, accepting the Nobel Prize.
We don't have much gold but we is still young and young men need more bangs for we buck so we buys silvers and bitcoins. But golds is good for we too.
PROOF...........
GOLD Is The Ultimate Asset, Money...
Paper Pedling BullShiters Detest And Deplore GOLD...
WE DONT NEED NO STINKIN GOLD.......we gotz paper........hehehehehehehe
Channeling Draghis puppetmasters: WEwould rather buy 10 year paper in Italian sovereign debt obligations, paying less than 2 %, yielding a real negative return of at least 2 %, to extend our ponzi scheme for a little bit longer....
When it gets serious you lie. -JC Junker. EC
The last duty of a central banker is to tell the truth -Arthur Burns. Fed Chairman.
These media blips are for perception management, not to inform, obviously.
Gold = Kryptonite.
"On what sorts of assets should be included in QE... we discussed all assets BUT gold"
... TALKING Shit About GOLDAgain ...
THEY ARE PAPER WORRIED, VERY VERY PAPER WORRIED...
If There Wasn't A Problem They Would Never Mention GOLD At All.
The Clock Is Ticking... THEY ARE Very Right To Be PAPER WORRIED...
If Draghi, an ex Goldman parasite, said they aren't interesting in gold, then guess what? They are, and he's full of shit - again.
Even if he's not lying, his statement makes it all the more clear why you should own gold and stay away from their corrupt, sinister, dishonest financial gimmicks.
But just to play along, I wonder what then they did discuss. Cocoa? Buttons? Oh... I know. Bonds, MBS and CDS..... those nefarious, fake, fraudulent "assets"..... lmao. What a clown.
Fear gold, bitch.
Such an honorable man, this is true integrity!
If you want to push asset prices, why would anybody want to buy precious metals? No, no, no, there is no currency crisis ahead, no. Maybe in Iran or Russia, but not in the finicially stable states of former industrial nations, no way.
Sound money, bitches.
Lets be honest, they gotta be really shitting themselves now.
This is just a public display of it.
Anyone thinking the only way they will cough up the shiny is under threat/coercion (e.g., gun jammed in back) is simply not very creative. You're only thinking "stick" when you should be thinking "carrot".
Let's say Au goes to $5k/oz. USGovt announces an "amnesty" program... sell your gold now and you will pay NO capital gains or any other taxes. This is a 6-month offer, take it or leave it. My guess is there are quite a few people who will take advantage of that offer, without thinking about the likely price 2, 5 or 10 years later.
Now let's add some "stick"... USGovt adds that gains on future sale of Au will be taxed at a 70% rate. Sell now or get taxed later.
My point is that I'm barely even trying here, and I can come up with a bunch of scenarios where evil hoarders will willingly drain lakes and ponds.
I think it goes underground at that pont. Sort of like the moonshiners
It doesn't have to go underground. Just store it abroad. Gold does not have a capital gain unless you sell it.
Instead of selling, have a trustworthy third party hold it as collateral for a bank loan, and then use the borrowed fiat to buy income producing assets that are being sold for next to nothing. Use the after tax income to pay off that loan. You still have your gold, and no taxable event has happened.
if you dont hold it you dont own it
Gold is already money. Governments will offer "new" suppose Gold backed fiat to intice Gold holders to trade in their nest. They will say it's redeemable for Gold. But bet your ass it wll not be for the masses. Just private entities within government agencies that continue the swap game.
All this tells me is that in the coming years gold will be the only asset not in a bubble while the central banks maintain their shaky control thus the only thing worth buying. Once the central banks lose control gold will regain a rational value and overshoot to the upside.
Don't think they have years left to play with here.
We've been saying this quite a long time now...
.
"[A]s long as the capitalist system lasts, vote for gold.”
Well, fair enough, Mr. Shaw. But once the last remnants of the capitalist system are gone, you'll need it even more.
Every day is opposite day for bankers and 'economists'
Gas, the king of 3 letter words...
http://orientalreview.org/2014/12/02/cold-turkey-ankara-buckles-against-...
So they don't want to buy gold after a multi-year 40% correction, huh? Kind of like Brown selling England's gold in 1999.
Amen to that bigdumbnugly....
Ignore that man behind the curtain......pay attention to the screen in front of you!
I have been trading gold (and silver) professionally for over ten years and on an informal basis for over two decades before. I have gotten lucky more times than I missed the boat and have done quite well. In all those years though I have never felt such a sense of urgency of holding as much physical as possible as I do now. The price in terms of fiat is just noise and waiting for lower prices to take a position is like playing Russian roulette. You might get lucky but then again ...
Watching the video reinforces that as the speaker is clearly lying. Gold was likely the centre of their discussions.
Time to get out of the water folks
dupe
I saw a article on how to spot when a person is lying. It was about the genuine expression of grief. They showed a woman who had murdered her children and then told the story matter of fact to a news reporter. At the end when she tried to verbally convey her grief she stopped and then gave a half smile. Its referred to as 'duping delight". Tell me thats not what Draghi is doing at the end.
https://www.youtube.com/watch?v=GutAbsKWLsY
http://180rule.com/definiciones/duping-delight/
for all those who were waiting for an official denial: here you are!
it has begun.
Exactly, means we are returning to the gold standard, and he doesn't want the Muppets
forewarned.
Very bullish for gold.
I suspect they will use the gold standard and fixed convertability as a means to both devalue currencies as well as a defacto confiscation. Gold will be priced so high that the public will rush out to have their gold crowns pulled to cash in. Jewellery, art objects and all but the rarest coins will find their way to the smelters then central bank vaults.
No one need be forced to sell if the set price is high enough. After a decade or so people will realize that they should be buying instead of selling. Convertability will end and the gold will never see public hands again until that happy day when bankers and the politicians they own are swaying in the wind at the end of ropes.
Won't happen in India
I agree that such a plan will not yield the best results in India, Red China or other nations where gold ownership is a cultural trait. The threat to the credit based system comes from those who have the potential for flight into precious metals. Western nations where gold ownership is near historic lows and participation in the financial sector are near record highs are the main threat.
If just 5% of Western assets moved into specie it would result in chaos.
That sounded more like an official admission to me.
but gold?why?
excusatio non petita, acusatio manifesta
And people say that Krugman is fucked up...
If you haven't figured it out by now, ZH is a Kremlin backed gold pump and dump scheme.
As opposed to say.. a federal reserve pump and pump and pump and dump scheme?
kremlin backed, but aren't china and india also buying gold? why single out the ruskies? There is more TRUST involved in gold than there ever will be in paper as a store of value.
We junked some folks.
We pumped some folks.
I gave you an up arrow becasue I feel so sorry for you, even though you're an obvious idiot.
I have repeatedly called out the russian circle jerk on ZH, much to the dismay of my fellow... 'commerades' rest assured i am no fan the NWO war machine or that animal putin.
But ZH is niether backed by the kremlin, nor the NWO so... GOLD BITCH. EVERYDAY EVERYWAY.
So you're saying Silver is on the table? Awesome.
For Once, I think we have a news event that is GOLD POSITIVE.
BTFBR
So Bad News = Good News?
Anything coming from Draghi I think you are correct.
BR? for those of us in the peanut gallery...
barbarous relic, methinks.
Yep -
As long as you can take the pain.
So in other words their main asset for buying will be gold. He is a muppet slayer planted by the Squid after all.
Once a squid, always a squid.
He's not a squid, he's not even a tentacle. He's a sucker on a tentacle.
We're getting closer.. and closer..
Bingo!
Nice bit of selling action today in the Indices markets. What odds would I get I wonder for a green close later?
Well, I knew I had every chance of winning that wager, but I would never have guessed it would begin so quickly..
Watching the Dow recover after a big drop is similar to watching the liquid metal Terminator reassemble itself after getting smashed !
Well at least he admitted Gold is an asset !!!
That they are not selling nor buying. Why this would effect gold is beyonf me.
Silver bitchez
yeah, now that makes all the sense in the world...
unprecedented demand currently, plus the removal of import restrictions will result in reduced prices for 1 of the only 2 forms of real money??????
more GoonBerg propaganda......
"China’s central bank circulated a draft plan to ease restrictions on gold imports, said people with knowledge of the matter, in a move that may lead to lower prices in the world’s biggest market for bullion.
The People’s Bank of China drafted a plan that will open up gold imports to qualified miners as well as all the banks that are members of the Shanghai Gold Exchange, according to the people, who asked not to be identified because the proposal hasn’t been made public. China Gold Coin Inc., a maker of commemorative gold and silver coins, could also qualify to import bullion, they said.
Chinese regulators are pushing to open up the country’s gold trade and lure foreign investors as part of its broader effort to link the mainland to global markets. The country began offering international institutions access to yuan-denominated gold contracts in Shanghai’s free-trade zone in September, a move that may extend its influence over prices while boosting the role of its currency in global trade."
http://www.bloomberg.com/news/2014-12-04/china-said-to-consider-scaling-...
Any action that removes gold from the overall supply is a positive move for gold.
It may knock a couple of dollars off the Chinese premium but when the supply of physical is gone we will see a massive rise in the price of physical.
Are they like gold fingers?
So they did discuss buying silver... ?
/sarc
Draghi = Cunt
An insult to cunts everywhere.
Of course they didn't discuss gold. They don't have it, they can't get it in the amounts they'd need, and it's worth something. Obviously that goes against everything they believe in; sell stuff you don't have or can create in unimaginable amounts out of thin air as long as it's worth nothing. Why would they use gold for anything? It's like banker bane; like garlic to vampires.
Deep down inside I always knew he was a total moron. So now it's clear. He chose the wrong side.
Gold up over 10% in Yen terms the last two months. Up 14% the last year as gold dropped in USD terms. I wonder what the Japenese think about holding physical gold as their currency implodes?
http://www.kitco.com/gold_currency/index.html?currency=jpy&timePeriod=1y...
<The Japanese think they wish they'd owned more gold
<The Japanese think they should listen to Central Bankers
That change in the price of gold sounds like it is 100% due to the USD/JPY rise.
I think of gold as just another currency (paper gold that is) they all relate to the dollar, for now.
China, Russia and India thank Draggedhim very much for letting them buy gold unimpeded by the EU at such lowly levels
When it gets serious, you have to lie. You can take the banker out of Goldman but never Goldman out of the banker. Buy gold.
quote "we discussed all assets BUT gold" ppoken like a true braindead economist ! To come out with garbage like that , you must go to special schools and Universities that charge very high fees for teaching true GARBAGE !
I'm a firm believer that PhD's and other academics are the educational equivalent of genetic inbreeding. Continue the cycle long enough and you're going to produce some scary results.
It's good to know that all the Gold and Silver I have lost in boating accidents is safe from salvage divers. Who would want that worthless crap. /sarc
You lost your phyzz in a boating accident !? o.O
.
When you are the printer of fiat...why buy something that slams your paper...if you print junk...you use it to buy junk....not the good stuff
fuck politicians. they are all pos anyway fuck them all
Bullshit. Every central banker's wet dream is printin money to buy gold.
It's alchemy without the lead.
A dream for these Babylonian throwbacks.
Go fuck yourself Draghi, I look forward to the day I've heard you DIED!
I'll celebrate with a toast.
Indeed, and ironic he came out and said that right at the $1215 level.
“Gold has been highly volatile over recent weeks. Thus, those who have attempted to trade gold must be poor and exhausted. I have sat with physical gold over recent months and have never suffered anxiety or lost a night of sleep. I never planned to create profits from my gold position, I simply wanted to retain my purchase power. So I bow to gold, the King of Currencies – in gold we trust. ... Gold trading at $1,215 or better will, I believe, set off a short covering melt-up in gold.”
Richard Russell 12/4/2014
"Draghi" is Italian for "Corrupt Asslick"
I thought all Marios were plumbers.
Why is Draghi specifically saying (and excluding) that four letter word, 'gold'? The end game must be close.
Perhaps the reporter should have asked the follow up Q - why then did the Dutch CB repatriate their gold back, should they have sold their gold and converted to some other asset to back their QE?
"why then did the Dutch CB repatriate their gold back, should they have sold their gold and converted to some other asset to back their QE?"
Ironically, I have seen speculation which answers the question: why did the Dutch get their gold back but not the Germans? Perhaps it the Dutch got preference because the Dutch promised to lease their gold into the market thereby serving the purpose of the Federal Reserve to cap the price of gold. Again this is speculation but it does make some sense.
Smarmy fuck, I think he had all he could do to not laugh or chuckle after that comment.....I think even a few of the other folks chuckled a little bit.
"....all assets but gold"
yes, but my favorite part of the 23 second clip was after he said that.
...the crowd chuckled, knowingly, nervously.
Prepare for more smackdowns bitchez....
The kids are getting silver bullion for Christmas.
The ECB does not need more gold. If it bought more it would be weakening the currency by introducing more euros. Central Banks are not like really rich people. The job of the CB is to control the currency not to get rich...shit they can print money why do they need to buy gold?....especially when they have 10,800 tons in their system.
Fofoa just discussed this in his recent piece:
http://fofoa.blogspot.com/2014/12/global-stagnation.html
No offense, but what kind of bullshit are you peddling here about Central Banks, and in particular, the ECB and Draghi?
He is lying through his teeth and you want us to believe him on ECB gold holdings?
Except that they're trying to induce inflation, not strengthen their currency.
You tell us Mario Draghi, how do you leverage NIRP?
http://thecrux.com/nirp-is-here-europe-has-now-done-the-unthinkable/
They don't need to talk about it. They are doing it. Plus they are liars to the core. The opposite of anything they say is the truth.
Xmal Deutschland |Mondlicht
Hello Mario Draghi. winks...
It is mindboggling to me how any rational human being with assets and an IQ over 50 could possible sell gold on what Mario, who is obviously mentally challenged and has no idea what to do, says at a press conference.
"....all assets but gold"
Draghi won't be buying GOLD because the ECB is a bad bank and only buys crap "assets" that no one else wants to own. As for GOLD, he also won't be buying because when the SHTF no one will be selling...
Lets get past the bogus employment report tomorrow and close the week above 1,200. That just might be the tell that this bear market in gold, silver and miners is over. No one ever said this would be easy.
"On what sorts of assets should be included in QE... we discussed all assets BUT gold"...
Could Mario make it any more blatant that the "Casino" is rigged???!
"That night, a shipment of Au hiit the _______Central Bank."
"The Poeple would be pissed if they knew we werse stashing all the Au we can!"
"Yes, they will soon see the scheise dollar"
Make no mistake, all CBs are at war with GOLD.
The US is trying to pressure all CBs to fly in unison on the Racetothebottom. Their view is as long as they all agree, they are all safe.
If one leaves the fold, the remainder are at risk. That will be the impetus for war.
Draghi also recently noted, as a result of a prompted question, from a young boy in the audience, that he was very proud that Italy had never gotten rid of it's gold reserves. I think that his smiling reply is really meant to be irony. Interesting that he raised the topic this time, without needing prompting.
Good... that just reinforces that I MUST continue to hold what i have, and infact, add.
Kind of unrelated, but LMAO here in Chicago.
the mayor comes up with a plan to change minimum wage to $13/hr here and him and the moron alderman are all taking bows for the cameras.
But, now there are protests going on all over the 'loop' area that $13 isn't enough - they're gonna strike if they don't get $15.......LOL
Just make it $50/hr and be done with it. Since changing minimum wage is good $50 should be way better than $15, right?
Just wait until you won't be able to find any fast food restaurants or C-stores in 'the loop' because the owners of those stores will not be able to make any money. $13 is not only an increase what is paid to the employee - it is also extra Social Security taxes, etc that those store owners must pay!
Small business owners should start employing more folks off the books...negotiate an agreed-upon wage directly with the worker, something that allows both parties to 'get' a little...the employer gets a cheaper worker, and the worker gets to keep his wages instead of handing them to the taxman. Both benefit.
But you HAVE to keep the government OUT of it! That's the only way it works! So yes, you must be a bit 'dishonest' here, you're going to have to learn how to get around the bureaucracy, just like they did in the old Soviet Union, that other great managed economy of the 20th century.
Learn from your Russian brothers and sisters...they can teach you the tricks you need to get through it. They have much experience dealing with a centrally-planned economy, which is exactly what WE have.
Remember, they pretend to pay you, and you pretend to work. That's the 'face' of the economy. The REAL business is done under the radar, where you exchange goods and services amongst yourselves for YOUR benefit, and keep your mouths shut about it. Pay your taxes, wave the flag when ordered, and stay smug in the knowledge that every day that passes is one day closer to your liberation...
"Small business owners should start employing more folks off the books...negotiate an agreed-upon wage directly with the worker, something that allows both parties to 'get' a little...the employer gets a cheaper worker, and the worker gets to keep his wages instead of handing them to the taxman."
Right Bemused, go ahead and set oneself up for that little red dot that appears either on center body mass or on one's forehead. Once ex-employees learn that there is a golden pot under the rainbow, any agreement that the small employer thinks they had will be ignored. Here in California, a small employer that did that would face wage claims before the California Labor Commissioner or lawsuits. In either case, the plaintiffs would seek penalties and, if an action were to be brought in court, attorney's fees as well. Your advice would jack up potential liabilty to a multiple of what the basic wage would have been. A larger employer that did that would face class action lawsuits. Really BAD advice.
In a functioning economy, wages would find their proper level. But we don't HAVE a functioning economy, so they try to legislate everything. Rather than fix the system so it can function normally, they think they can just 'set' things like wages, prices, etc, and get to normal THAT way.
Hubris and stupidity. Yes, wages ARE too low in today's economy, but they are broken because the SYSTEM is broken. Today's economy is dangerously over-heated in some areas, while others have gone cold and dead. There IS no 'proper wage' in such an environment, and no way to determine what it should be.
What an odd statement for him to make. That's like saying "I've been all over Europe. I've seen everything. But not the red light districts. I've never seen those."
First thought to mind: "he knows the red light districts very well"
No reason to discuss it. It's already the number 1 line item on the asset side of their balance sheet.
"Thou protest too much. "
TPTB don't hate Gold, they dislike the plebians owning physical gold.
Bank accounts can be siezed and houses foreclosed upon with the click of a mouse, but physical gold in someones possession is difficult for them to steal.
Exactly. They LIKE gold, they just don't like it in YOUR hands. It represents their worst nightmare...wealth they cannot easily tap in the hands of the Great Unwashed class.
A part of the economy they cannot control.
Gold - You can't buy what's not physically available!!!
Greek bank CDOs, Italian 3rd lien espresso shop loans, Spanish condo HELOCs, and Portuguese Used-Car ABS are available by the bucket load.
Reminds me of something.....Death To All But Metal
http://youtu.be/yfB7vF7nCdA
seems logical to me! Central banks only buy worthless paper and non performing assets at full value. Gold doesn't fit
BCE has gold and doesn't need to add pls. look at
https://www.bullionstar.com/blog/koos-jansen/eurosystem-is-increasing-it...
and if you like to know the role of gold in the ECB history search in the FOFOA blog and you may find a different perspective
http://fofoa.blogspot.it/
The naive and desperate who have placed their hope and savings in gold trying to escape the monetary insanity of central bankers do not understand how the system works:
1. All governments have embraced fiat currency because fiat currency allows the politicians to create as much money as they want with only keystrokes so that they can spend as much money as needed on wars and free benefit programs to buy the votes of the proletariat to win elections and stay in power.
2. Anything that challenges any component of the system in #1, eg gold, which cannot be created with just keystrokes, will be ruthlessly and relentlessly attacked and eliminated as a threat by the politicians and their monetary agents the central bankers. If necessary, the politicians will just make unlawful the ownership of gold, the exchange of gold for fiat, etc, or force down the fiat value of gold, and even just confiscate the gold - AS THEY HAVE DONE BEFORE and surely will do again if they want to.
3. As long as the apparatus of the government controlled by the politicians, eg central banks, police, courts, tax collection, etc, remain loyal to the politicians and implementing the laws passed by the politicians, then THERE IS NO ESCAPE FROM THE SYSTEM OF OPPRESSION, DOMINATION AND CONTROL, INCLUDING FINANCIAL REPRESSION, CREATED AND OPERATED BY THE POLITICIANS.
Therefore, for those of you with hope and investment in gold, if you want your gold to have free-market value relative to fiat, then you must first overthrow the politicians who run the apparatus of the government which runs on and depends upon the free flow of infinite amounts of fiat and which suppresses all competition to their fiat currency and control.
When and how are you going to undertake and accomplish this ?????
Did you know there are a few billion people who live in cultures that have used gold as money for millenia? Most of these people do not know a thing about the Fed, ECB, BIS or any other western banking entity. They are "third world nobodys" and they buy gold (and silver) whenever they get the chance.
Your view makes perfect sense, until it doesn't. The trigger for when it will no longer make sense will be that time when the supply of physical metals is not easily or cheaply available. I have no idea when (if?) that will happen, but I don't think it is possible to suspend the law of Supply & Demand from now until the end of time.
Someone once said, "you can ignore reality, but you can't ignore the effects of reality." Or Samuel Johnson said as he kicked a rock, "I refute it thus" during a debate of Berkeley's theory of immaterialism.
Some believe that gold is a sound savings. Immutable even. Investment is something yet different.
While those things may be true, they have no track record of success. The attempt here in the US to confiscate gold was a total failure. The only people who lost their gold were those who turned it in voluntarily, and maybe a couple who, years later, tried to sell some coins that would have been subject to confiscation had they turned up then...There WERE no door-to-door searches, and no one went around taking the jewelry off of women's bodies.
Lessons? Don't volunteer your gold when told to, and don't keep it in forms that might limit it's liquidity to you, like certain coins, or other easily identified forms. Buy it without a 'paper trail' if possible. (VERY possible...there are PLENTY of private holders of gold, especially jewelry. Buy that, and keep it private. No one needs to know what you bought and when.)
Aside from that, time is on your side. If you can keep your gold out of their hands, they WILL soon go down in flames, and you'll still have your gold for whatever comes next.
Patience is the word.
You will die of old age looooooong before the corrupt political systems collapse on their own - the only way that political powers lose their power is by armed conquest, either external or internal.
Unlike previous eras:
1. There is ZERO possibility of the populations of the leading fiat systems (USA, Japan, UK, EU) revolting to overthrow the politicians by force because the politicians have made the populations more than 50% dependent upon entitlement programs from the politicians.
2. There is zero possibility that any of these countries will be conquered by other countries because this time IS different due to the countries having nukes or alliances (Japan) that cover them with nukes.
So these corrupt abusive oppressive exploitative fiat regimes will continue indefinitely,in continuous economic decline, and the quality of life will decline unless and until the people find the balls and brains to overthrow their masters, rather than continue to dance like saw-dust-brained puppets in the absurd theater of macro-inconsequential "democratic elections".
"You will die of old age looooooong before the corrupt political systems collapse on their own..."
Prove it.
" If necessary, the politicians will just make unlawful the ownership of gold, the exchange of gold for fiat, etc, or force down the fiat value of gold, and even just confiscate the gold -"
Just like they have done during the prohibition of alcohol and now with drugs.
They did then and have now conficated all the Liquor and drugs and they are worthless!
What gives drugs a high price is the fact that they are illegal. making gold illegal to own will only create an underground gold market and raise it's price even more!
They will only get away with this fiat ponzi scheme for while longer, then they won't and they know it.
The dynamic you described of illegality resulting in increased price is true, BUT then the entire apparatus of the huge police state will be very active in searching for and confiscating your gold - is that where you want your savings "invested", heavy shiny yellow contraband that every cop is lusting to confiscate so he can share in it personally ????
What gold?
As Tammy Wynette once sang ' Stand By Your (GOLD) Man '
It's now official CB hate Gold.
Well they can always buy Bitcoin, make us millionaire, then we will spend on women. Central Bank can now add prostitute in their GDP --> economy recovered !
Gold has always been, and will probably always be, the canary in the mine of fiat currency production. The fiat masters cannot allow that canary to sing too loudly, even if it means killing the damn canary to keep it quiet.
"When things get serious you have to lie " = "therefore we will buy gold".
If I see something I would like to buy, at the most advatageous price (to myself), I never let on that it has any premium value and say just the opposite, and vice versa... .
Why buy Gold when you can just steal it? Duh!
Mario Draghi: .. "On what sorts of assets should be included in QE... we discussed all assets BUT gold"
He is a funny guy and I believe what he said was true.
Gold had not to be discussed because it does not need discussion.
But he wanted to show that gold is important. He was not asked about gold, thats why he mentioned it. The ECB has lots of gold and is not intending to sell some.
To announce to buy gold would have been the death bell for the Dollar. So that is never going to happen as long as it is as it is. The ECB does not need to buy gold. Its enough to continue holding it.
My opoinion: very positive for gold
Fantasy dream of gold zealots turned nightmare ...
Setting: The politicians are meeting to discuss what to do about all the monetary resisters who exchanged their fiat currency for gold hoping to preserve their savings and escape the fate of the proletariat slaves.
Politician 1: These people were clever and resourceful in escaping the effects of our financial repression, so we should reward them by stopping the suppression of the exchange rate for gold, making gold legal currency again, not taxing away all their gains, etc !
[Group: Gut-busting laughter]
Politician 2: Hey, let us have some of what you are smoking !
Politician 3: I love your sarcastic humor !
Politician 4: OK, now that we had a great belly laugh, let’s plan out how we are going to plunder the loot that these ballsy fools have accumulated !
[Group: Roaring cheers and more gut-busting laughter]
With leadership like Draghi, no wonder they are fighting utter collapse! Of course, he only misleads and outright lies when his lips are moving.