This page has been archived and commenting is disabled.
Who's Got The Gold?
Submitted by Jeff Thomas via Doug Casey's International Man blog,
In 1971, the US abruptly went off the gold standard, and in making the public announcement, US President Richard Nixon looked into the television camera and said, “We’re all Keynesians now.”
I was a young man at the time and had previously bought gold, albeit on a very small scale, but I recall looking into the face of this delusional man and thinking, “This is not good.”
However, the world at large apparently agreed with Mister Nixon, and within a few years, the other countries also went off the gold standard, which meant that, from that point on, no currency was backed by anything other than a promise.
Party Time
It didn’t take long before countries began playing with their currencies. At one time, the German mark, the French franc, the Italian lire, and the British shilling had all been roughly equivalent in value, and four or five of any one of them was worth about a dollar.
That had already begun to change prior to 1971, but following the decoupling from gold, the governments of the world really began to see the advantages of manipulating their own currencies against the currencies of other nations.
From that point on, a currency note from any country, which was already no more than an “I owe you,” was increasingly degraded to an “I owe you an undetermined and fluctuating amount.”
This fixation with monetary manipulation began much like the 1960s youths’ experimentation with drugs, and by the millennium, had morphed into something more akin to heroin addiction. Unfortunately, those who had become the addicts were the national leaders in finance and politics.
Well, here we are, in the second decade of the millennium. The party has deteriorated and is soon to come to a bad end.
As we get closer, those of us who have, for many years, predicted an eventual realisation that Mister Keynes and Mister Nixon were dead wrong and that the world will once again look to gold are, at this late date, gaining a bit of traction.
We’re seeing an increase in the number of people who recognise that all fiat currencies eventually come to an end and gold will continue to shine.
But there are two remaining questions that have even the best of prognosticators puzzling.
1. What Will the Role of Gold Be in the Future?
When currencies collapse, will there be an immediate and complete switch to gold? Unlikely.
Will further fiat currencies be put forward as solutions to paper money? Almost definitely.
Will future currencies be backed by gold? Probably, especially as so many governments and banking institutions are quietly scrambling to buy gold whilst trying not to let on the extent of their stockpiling.
Will gold-backed currencies stabilise money for the rest of our lives? Quite unlikely.
Even those countries who may agree to audits to demonstrate they own the gold they claim to own will, at some point in the future, look for ways to “do a Nixon” and once again get off the gold standard. (The short-term benefits of fiddling with currency is too tempting.)
2. Who’s Got the Gold?
Currencies come and go in the world with remarkable frequency (the last hundred years has been witness to over twenty hyperinflations worldwide).
In that quiet scrambling we were talking about, no one is being really truthful about how much gold they have. In addition, even between the foremost experts on the subject (and here, I refer not to the pundits on television, but to those economists that I personally hold in the highest regard), there is broad speculation as to who holds what.
One school of thought has it that, although the US has long claimed that it possesses roughly 8,000 tonnes of gold in Fort Knox, there has not been an audit of Fort Knox since 1953. (That’s not encouraging.) Is it 8,000 tonnes? 4,000? None? We’re unlikely to ever get a truthful answer on this question.
In addition, the US has held roughly 6,000 tonnes of gold for European countries since the Cold War.
Now that the US has become the world’s foremost debtor nation, Europe is getting a bit antsy, and some are asking to have it back. In response, the Federal Reserve has sent Germany a small portion of their gold but avoids shipping the remainder and denies them even the ability to inspect the remainder. (Again, not encouraging.)
On the other hand, we have equally astute economists—US government insiders—who state that they are fairly certain the gold is there—in both Fort Knox and the New York Federal Reserve Bank's underground vault. In the latter case, they state that, although much or all of the gold has been leased to the bullion banks, it has never left the building.
What does this mean to the rightful owners? There are multiple legitimate claims on the very same bars of gold.
Might the Fed burn the rightful owners—the European nations—and burn the bullion banks? Might they just confiscate the gold (assuming it’s still there) to create a new gold-backed currency for the US, and thumb their collective noses to all other claimants?
And does the People’s Bank of China hold roughly 2,500 tonnes of gold, as has been suggested? Or do they hold 5,000, or even more? Certainly, it’s to their advantage to claim the lowest amount that might be believable at present. Some US government insiders have insisted that the low number is the true number.
The argument over this question may seem moot, but it is not. “Who has the gold” may very well decide which countries will recover from the currency crashes with their skin still on.
Whoever holds the most gold will hold the most real wealth and, by extension, gain the most prominent seat at the bargaining table for decades to come. Whether that table will be the IMF, the new AAIB (Asian Infrastructure Investment Bank), or any future central economic entity, the future will go to the player with the most metal, as he will be able to create the most currency, in whatever form it may take.
* * *
Editor’s Note: Gold and silver have served as money for centuries and across many different civilizations. They have always been inherently international assets. There is nothing at all particularly American, Chinese, Russian, or European about gold or silver. Buying gold and silver is perhaps the easiest step you can take toward internationalizing your savings. The next step is to store your precious metals in a safe foreign jurisdiction.
It is now easy and convenient to own and store physical gold and silver offshore in places like Singapore and Switzerland in a non-bank private vault. Find out how you can internationally diversify your precious metals by downloading this guide.
»
- 24184 reads
- Printer-friendly version
- Send to friend
- advertisements -
Sure aint the FED...
Deys got paper promises bitchezzz!!!
Oh, but what would happen if the US had a secret base on the Moon that had been mining gold all this time...?
Shocking!
Fools cheese.
Well, the Fed and TPTB in the US are selling their gold (official and otherwise) as fast as they can to the Ruskies & ChiComs.
I guess that means the Ruskies & ChiComs will rule the world.
Those who control the storyline control the value of everything, including the metals. When their legitimacy goes, it's well nigh impossible to predict who will dominate the narrative and thus create the new "foundation of values". Gold? Silver? Maybe, maybe not. Still too early to say.
Historically it's been war and precious metals. Usually both.
A wearhouse is empty, until proven full.
Basic quantum theory. The location of an partical (or gold bar) is not known until it is viewed before that it's location is merely a probability.
schroedingers stack
i Hertz Physika ...
Full warehouse or empty, the FSA will bomb it.
I'm going to assume the moon has no gold as it isn't volcanic enough. Perhaps there are dabs from when the moon was created but ur better off trying to use a big spoon into one of the Suns flares and see what u get... Or at least a plants with some volcanic activity.
Perhaps if u wanted to mine a star there are approaches better than a spoon. But I'm not going to put any ideas into anyone's heads.
Too late, I'm already working up a patent application for my sun-proof spoon.
+1 for the image.
My last pay check was $9500 working 12 hours a week online. My sisters friend has been averaging 15k for months now and she works about 20 hours a week. I can't believe how easy it was once I tried it out. This is what I do... www.jobs-review.com
Sure, "store" your gold in Switzerland or Singapore or maybe on the moon where you'll never be able to retrieve it. It's easy!
Many boat accidents on the Sea of Tranquility.
and if you don't hold it then you don't own it
I talked to Jade Helm. She says that the troops on the streets are here to round up those who 'hold it'.
Put all the gold in Fort Knox into one hand, then crap into the other. I'd say they would be about equal value at this point.
The only thing they are guarding against there is an audit.
Crap makes good fertilizer.
"The only thing they are guarding against there is an audit."
Can't audit Fort Knox.
Can't audit the Fed.
The Truth is out there,
And it needs to be said.
Maybe that's why TBTB feed us so much crap....better Soylent Green in the future.
There is no Gold, just ask JP Morgan. :D
Rambus says spot gold going to $850 this OCT.
Gawd I hope so. I'm going all in for a pound.
Rambus says spot gold going to 850 this OCT.
Charts…The Gold Target
Monday May 11, 2015 10:51
A first time for everything. This week was the first time I ever went to basically cash before the jobs report was released. It’s still too early to know yet if this was a right or wrong decision depending on what the stock markets do next week. I thought I’d give it a shot as these job reports always seem to catch you leaning the wrong way especially in a sideways trading range. Today was no exception. Many times a big rally on a Friday will lead to some follow through on Monday and then we get turn around Tuesday. At any rate we have a lot of cash on the sidelines that can be put to work when the time is right.
The first chart I would like to show you tonight is a long term daily chart for gold that shows the four most important moving averages. As of the close today gold is trading below all the moving averages. As you can see they did an excellent job of holding support during the bull market years from 2008 to the top in 2011. Since the bear market really got going in April of 20013 the 300 dma has done a good job of holding resistance except for couple of little overshoots. The 300 dma will be one of the things I’ll be watching very closely when gold finally turns around.
gold day
It’s been awhile since I last showed you this weekly chart for gold that encompasses its bear market with the 65 week moving average. So far gold has produced a parallel downtrend channel with the six point blue rectangle at the top of the chart and our current falling wedge that just keeps on building out but within the confines of the top and bottom rails of the 3 1/2 year bear market. Our current falling wedge will be two years in the making come late June of this year which is the longest consolidation pattern in the bull and bear markets that started in 2000 or so.
Note the speed and magnitude of the impulse move down once the 6 point blue rectangle finished building out. There was one last little counter trend move the bulls put in just before the bottom fell out in April of 2013. This chart also shows the two different measuring techniques I use to measure an impulse move once a consolidation pattern is completed. The blue arrows shows the impulse method which measures each leg down that are the same in price and time, black rectangles. The other method shows the breakout to breakout method where I measure from the breakout point of the blue rectangle down to the first reversal point in the falling wedge. I take that measurement and add it to the breakout point of the falling wedge, which hasn’t occurred yet, to get a price objective. Many times these two different measurements will be fairly close price wise. In this case both measuring techniques gives us a price objective down to 850 sometime in October of this year.
If you look real close you can see two red rectangles that measures each impulse move down in time and price. Gold can break the bottom rail of the falling wedge, in the middle of July, and still have time to reach its price objective of 850 in October of this year. So if gold is on track to reach its time and price objective, in October of this year, we will need to see gold trading toward the bottom rail of the falling wedge, around the 1120 area, come the middle of July at the latest.
One last note on this weekly chart. In order for me to get really bullish the first thing I will need to see is gold trading above its 65 week moving average. The second thing I need to see is gold trading above the top rail of the black downtrend channel and the third thing is to see gold trading above the top rail of the blue falling wedge. If gold can do that then so be it and I’ll become a bull again. All the best…Rambus
Gold can still be had and redeemed in fiat monies...which I agree is quite amazing if you think about it.
GDX and GDXJ has had a huge start to the year so someone is happy with all that debt being "solved" by Moar Debt.
Use fucking URL links, that was the fucking purpose the web was created for, for god sake.
Anyway, the phys gold you say you sold is now in the hands of a person who uses links. Take it for sure.
oh for fucks sake. Technical analysis?
Tecnical analysis may have some merit in a market driven by supply and demand metrics,. That is the furthest from the truth in todays gold market, which is utterly perverted theatrics. When China wants to flip the switch and call the charade off, how will that be measured by your "falling wedges" & "red rectangles" ? They mean shit, buddy.
Don't kill the messenger. I am a stacker so I don't sell. Not going to buy more until OCT. Same goes for GDX and GDXJ.
Remember: if you don't hold it, you don't own it - ping @Germany
If you can't stand in front of it and defend it, you don't own it.
"Whoever holds the most gold will hold the most real wealth"
Nonsense. Not unless governments can be deluded into making gold an expensive form of FIAT. Note the irony?
Otherwise, gold is just another commodity of which we have ample amounts else we could not afford to bury large amounts in central bank vaults.
Can you say, tungstun?
The only irony I noted was that you posted such an inane comment using the handle "Ethical_Money."
You should be free to use gold or anything else decent for PRIVATE debts but the taxation authority and power of government should not be abused to prop up the value of someone's favorite shiny metal or anything else. Thus inexpensive fiat is the ONLY ethical money form for government debts.
What I find inane, not to mention idolatrous for believers, is the conflation of morality with a shiny metal!
You bring up a valid point Ethical_Money, whether it was your intent or not.
What good is Gold if:
1) you don't declare what you have and stay all secretive about it
2) you don't back up your currency or otherwise aren't willing to use it in some manner for trade
Even in card games there comes a time when one must put down their hand for all to see so as to settle up.
I look at the prospect of the SDR being the successor to the usd and am unimpressed (even if the yuan is included).
What are these people thinking ....that you can take a basket of turds and somehow turn it into roast beef?
Money is worthless if parties cannot come to consensus as to its worth.
So who has to come to a consensus in order to design a new monetary paradigm?
I'm about 98% sure that I'm not going to get an invite. What about you?
So what sort of consensus can they come to? (particularly in short order due to some "black swan" immediate crisis that "nobody" saw coming...)
That's what they are thinking.
"What about you?"
Me?
I'm 99.999 % sure that the elite (the .0001%) will try to ram THEIR consensus down the 99.999% throats.
Fiat is backed by the authority and power of government to seize your possessions and throw you into prison for non-payment of taxes - WITH ITS FIAT. To claim that fiat needs further backing is outrageous.
http://michaelekelley.com/2014/10/16/8-things-to-do-when-recession-happens/
gold plays a part in the 8 things.
thanks
hidden in Israel to build the 3rd {5th iteration} of the temple?
https://www.templeinstitute.org/
http://www.templemount.org/TMTRS.html
poor fuckers think its true because its in the bible.
it ain't.
http://askelm.com/temple/t000701.htm
http://www.jesusneverexisted.com/chosen-people.html
cue fucking truth seeker or seek truth or whatever that poor brainwashed fuck calls itself.
Strawman aspersion is a strawman.
I never said the 3rd Temple is literal, liar.
The 3rd temple referred to in the Bible is Spiritual- it is represented by Jesus Christ:
"Finally two came forward and declared, “This fellow said, ‘I am able to destroy the temple of God and rebuild it in three days.’”- Matthew 26:61
They, like you, like the Zionists who you work with* , misrepresented what Jesus was saying. He was referring to Himself as the 3rd Temple, as after His death, He would be resurrected in 3 days- and the physical temple would be destroyed in 70AD, never to be rebuilt.
"Those who passed by hurled insults at him, shaking their heads and saying, “You who are going to destroy the temple and build it in three days, save yourself! Come down from the cross, if you are the Son of God!” In the same way the chief priests, the teachers of the law and the elders mocked him." - Matthew 27:39-41
"Those who passed by hurled insults at him, shaking their heads and saying, “So! You who are going to destroy the temple and build it in three days, come down from the cross and save yourself!” - Mark 15:29-30
See? They, like you- like the Zionists who you work with* - misrepresented what Jesus meant- even as He hung on the cross!
“We heard him say, ‘I will destroy this temple made with human hands and in three days will build another, not made with hands.’” - Mark 14:58
See? They, like you- like the Zionists who you work with* - misrepresented what Jesus meant-clearly He told them- the 3rd Temple would be built- but not by human hands!
"The next day, the one after Preparation Day, the chief priests and the Pharisees went to Pilate. “Sir,” they said, “we remember that while he was still alive that deceiver said, ‘After three days I will rise again.’ So give the order for the tomb to be made secure until the third day." - Matthew 27:62-64
See? They, like you- like the Zionists who you work with* - misrepresented what Jesus meant- he clearly said He would rise again after 3 days- He is the rebuilt (the 3rd) Temple!
"The Jews then responded to him, “What sign can you show us to prove your authority to do all this?”Jesus answered them, “Destroy this temple, and I will raise it again in three days.”They replied, “It has taken forty-six years to build this temple, and you are going to raise it in three days?” But the temple he had spoken of was his body. After he was raised from the dead, his disciples recalled what he had said. Then they believed the scripture and the words that Jesus had spoken." - John 2:18-22
See? They, like you- like the Zionists who you work with* - misrepresented what Jesus meant- he clearly said He is the 3rd Temple- that He would rise again after 3 days- He is the rebuilt (the 3rd) Temple!
"At that moment the curtain of the temple was torn in two from top to bottom. The earth shook, the rocks split" - Matthew 27:51
When Jesus Christ died- the veil, or curtain, between the "Holy" and the "Holy of Holies" was ripped open- signifying that He has replaced the Temple- He is the 3rd Temple. There is no need for a physical Temple anymore. The Temple provided a way for mankind to, through a priesthood in a Temple, come to God. But, through Jesus' sacrifice, there is no longer any need for physical sacrifices, no need for a physical Temple, because He replaced them with Himself. He is the way, the truth, and the light- the ONLY WAY to GOD.
There it is. Now you know.
But - like the Zionists who you work with* - you will continue to lie, cast aspersions, and use obscenity (the crutch of the inarticulate) to try to deceive others.
*The Zionists who you work with: The Zionists are one and the same as the Pharisees, and this is what Jesus Christ had to say about them: "You belong to your father, the devil, and you want to carry out your father's desires. He was a murderer from the beginning, not holding to the truth, for there is no truth in him. When he lies, he speaks his native language, for he is a liar and the father of lies." - John 8:44
That describes you to a "T". You are just like the Zionists- always looking to man-made, physical things, rather than spiritual things, to provide an answer. You both lie,
cast aspersions, and use obscenity (the crutch of the inarticulate) to try to deceive others.
The Bible, once again, is proven thruthful- and you- the liar.
PS- You are obviously Hasbara/Mossad, posing so as to deceive.
I'm stunned. I'm shocked. How could it all be fake? It seemed so real!
Reminds from from a Seinfeld episode "Fake, fake, fake!": https://www.youtube.com/watch?v=rLg1k4I9fqk
What about all those gold CDOs aka tranches?
http://michaelekelley.com/2015/01/28/remember-cdos-theyre-baaaack/
Can someone answer me?
Those who have all the money (gold, silver, etc) are those who are most adept at forcing others to hand theirs over. And they still are.
It has been like this for millenia, since the first refining of the first gold.
sorry but the crooks incharge of setting the price....are more power. Cronyism has replaced capitalism. In a crooked market there is no price discovery!
The seeds are already being sewn to declare gold as the "past" before the US has to admit what it really has.
The US could go the other direction and remove the old "peg" around $42 @ oz and make everyone think the US was going back on the gold standard.
That would delay for about 5 years or so until it was found to be a lie.
Shame that only might work in the west.
The RoW has a different opinion, and they now have the productive capital and assets.
The, you show me yours, and I'll show you mine moment approaches.
This is where it all gets stuck, if the fed is eliminated, if the reserve note vaporizes, if a transition period is implemented toward a new domestic currency.
"Will further fiat currencies be put forward as solutions to paper money? Almost definitely."
Electronic credits, if sold as a transition system from reserve notes, never look for them to go away..... Meet the new boss, same as the old boss.
I can visualize it now.
A Sunday evening, suddenly all form of media is interrupted by an urgent announcement from our great leader.
"Dear fellow Americans, Due to evil speculators & hackers I am 'temporarily' suspending the USD and the contents of your Bank accounts. A interim electronic currency, the bit-dollar will be utilized until further notice. Have a nice day"
"In 1971, the US abruptly went off the gold standard" (while Kissinger was Secretary of State & advising Nixon on many affairs, & Volcker, first guy in, went on the Rothschilds payroll right after leaving the FED)
...and in a weird 325 million to one (NOT)coincidence, all the money counterfeitting FED CHAIRS since that moment have been jews, and hundreds of jew paper billionaires have appeared out of nowhere in the process...
http://www.timesofisrael.com/worlds-jewish-billionaires-worth-combined-8...
Simply amazing!
Perhaps MORE amazing are the number of denial 'junks' I'll get for this post (even if it's only one)
What's even more amazing than that is that I've been kicked off of ZH 12 times for repeating this FACT (with zero justification other than to imagine it's 'too close for comfort' for some people, NOTWITHSTANDING being factual)...
OH Wait... Unless you consider...
"They're (Greenspan, Bernanke, Yellen), "'Luciferian' NOT Jewish" (SMG)... & "More blind hatred" paraphrase (CH1),.. As if 2+2=4 is 'blind hatred' of the number 5...
are viable responses to the debate...
A real rebel in our midst...!!
I am Jack's smirking revenge.
It didn’t take long before countries began playing with their currencies.
The problem isn't countries playing with their currencies. The problem is countries "counterfeiting" their currencies.
Currency (money) is "promise to complete a trade". It is created by traders making trading promises. It is expunged by traders delivering on those trading promises. This money allows simple barter to take place over time and space rather than simultaneously on-the-spot.
Countries DEFAULT on "all" of their trading promises. A rollover of debt is a DEFAULT on that debt. Since countries pay the lowest INTEREST of all traders, their DEFAULTs are not recovered by INTEREST collections. This results in INFLATION. INFLATION allows countries to finance their employees, suppliers, and dependents when the productive people refuse to pay for them with taxes. The operative relation is: INFLATION = DEFAULT - INTEREST. With a properly managed Medium of Exchange (MOE), this is zero ... all the time ... everywhere.
The solution: Make governments smaller in "all" countries. Recognize money for what it really is ... "a promise to complete a trade". And quit looking for government solutions to problems. Government is the last place we should be looking for problem solutions ... history reveals this for all recorded periods.
[quote]
Government is the last place we should be looking for problem solutions ... history reveals this for all recorded periods.
[/quote]
Tell that to the FSA and corporate welfare bums!
Tell that to the FSA and corporate welfare bums!
Your reference to FSA is ambiguous. https://en.wikipedia.org/wiki/FSA
Your reference to corporate welfare bums is not ... but is nothing but an extension of the "too large" problems.
The power is in the purse. Governments have exhausted their taxation options. When that happens you have incidents like Greece and Detroit.
The Federal government has been financed by mismanagement of the MOE for my entire lifetime (70 years) and well before that. With all the QE's and bailouts, this method of financing has also reached its terminal point. We are going to have a reset.
When we do, we must assure that at a minimum, we start over with a properly manged MOE. That will prevent government cancer and assure integrity in the marketplace (i.e. zero inflation) for maximum efficiency in trade.
"Whoever holds the most gold will hold the most real wealth and, by extension, gain the most prominent seat at the bargaining table for decades to come. Whether that table will be the IMF, the new AAIB (Asian Infrastructure Investment Bank), or any future central economic entity, the future will go to the player with the most metal, as he will be able to create the most currency, in whatever form it may take."
negotiating / bargaining with the devil?
"Whoever holds the most gold will hold the most real wealth and, by extension, gain the most prominent seat at the bargaining table for decades to come.
Wrong. He who holds real estate rights (e.g. water, minerals, land) will hold the most real (and useful) wealth. Gold's only "real" value is in things like coatings of electrical contacts and dental work. It has "contrived" value as jewelry and as an object of simple barter.
I see the Goldlums in their smelly cave are still blinded by their sterile greed !
Poor gold hidden deep beneath the ground in ultra secure dark vaults, jailed behind bars to store an illusional value . Since it’s formation into the light heart of giant stars gold has been craving to shine throughout the universe. Such a heartless waste of it’s unique properties ….
Gold without light is worthless !!!
I dream the day in a post-materialistic world where gold will shine high in the sky as a beacon of human creativity and artistic drive !
As a frog I would love to see the french gold reserve used to create a gold plated tour Eiffel and countless other shiny ass things around the country !!
Freeeeeeeeeeee the gold !!
Australia has the gold. Biggest gold mines in the world. The rest are just pretenders. Pay us to dig it up and we'll send it wherever you want.
Goddamned Central Bankers have probably already stolen all but a few tons that they've left in the vault just for show...
This forecast from November is still on track. Gold should have some upside for few months.
http://www.globaldeflationnews.com/gold-elliott-waves-forecast-a-multi-m...
There are many good arguments for and against holding gold. One nagging question that keeps haunting me is why does it make (Western) bankers, financial pundits and rulers so nervous? For a barbarous relic, it sure seems to freak them out. To me, that alone says a lot.
Every ingot of gold that US "stores" for foreign nations is hallmarked by that that nation
with their own stamp of ownership and purity.
When Germany asked for and got a small portion of their "stored" gold returned, US was
unable to send back Germany's original hallmarked bars
https://www.youtube.com/watch?v=iM4s3LYZQHMble
[Glenn Beck: What really happened to the German gold housed in the United States?]
Although I am no great fan of Glenn Beck, this report seems to be accurate.
keep telling yourself: gold "is" "real" "wealth".
Fuck yeah, PUMP that shiny-shiny like there's no tomorrow.
America has most porn
They can (hope to) peddle it
in the coming new economic world order
American Porn = New Gold standard
Hah ha