The Golden Truth: Quote Of The Year

Sunday, June 13, 2010

Quote Of The Year

GOLD IS MONEY AND NOTHING ELSE

- J.P. Morgan, 1912

Every fiat currency system in history has ended in ruins. Our current experiment seems to be headed down the same disastrous path, thus allowing gold to reemerge as a currency once again.

- John Embry, 2010

4 comments:

AnonymousSunday, 13 June, 2010
What about silver?
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AnonymousSunday, 13 June, 2010
Harvey Organ Blog

In the silver side of things we saw a good sized 638,722 oz of silver enter registered warehouses but this silver did not go into the customy inventory. We will have to wait and see how this entry plays out. Still, with two huge delivery months of 24 million and 22 million oz of silver the activity into the warehouses has been on the smallish side. Those longs are extremely patient."

Alternatively they could be closeted with their lawyers and accountants trying to work out what can really be expected to be delivered before a default is called. Or like the CEF they are taking another hit from the bong and looking forward to the siver arriving in six months on the back of shrink wrapped Brinks van. No hassles man it's only punters money. Take another hit and chill.

Perhaps the CEF have been getting their market intelligence from Gene Arensberg who seems to think that 46 million oz's of siver can go poof from the COMEX inventory into cyber space. "Other than physical take-down rumors, which are questionable, although not at all impossible, we cannot account for the sudden surge higher for both gold and silver, but especially silver that trading day. Perhaps more will come to light shortly"

That's life isn't it one day people are clamouring for 46 million oz's of silver and then poof they all disaapear into cyber space, just like that, poof.

Take another hit from the bong.
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Dave in DenverSunday, 13 June, 2010
Anon #2 - thanks for the post from Harvey's site.

Anon #1 - J.P. Morgan was rich. Silver is poor man's gold LOL.
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EdwardoSunday, 13 June, 2010
J.P. seems to either have not noticed, nor cared that, in fact, massive quantities of gold have been, and are, fabricated into jewelry and objet d'art.
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Add comment

Why Gold?

Gold is the world's oldest currency. You exchange your fiat currency (dollars, euros, yen, yuan) into gold as an insurance policy against catastrophic Central Bank and Government policies which serve to destroy the value of fiat currencies and destroy democracy.

Gold can ONLY be considered an investment to the extent that it remains significantly and historically undervalued in relation to the fiat currencies against which its value is measured. Otherwise it remains the world's oldest currency and is completely free from the counterparty risk associated with currency by Government fiat (i.e. fiat currencies rely on a Government's "full faith and credit.")

Quote Of The Month Courtesy of "Jesse"

Unfortunately for Larry Summers, Ben Bernanke, and their friends at the BIS, they have not yet figured out how to print physical gold, silver, and other essential commodities, and the world is reaching the point where it might simply start ignoring the New York based markets with respect to essential commodities such as basic materials, oil, foodstuffs, and the like, as they become increasingly irrelevant, fraudulent, and Orwellian. And then where will the financial engineers be, except with no more excuses and no place to hide?

Here is the link to his entire commentary, well worth a read:

http://jessescrossroadscafe.blogspot.com/2010/07/gold-daily-chart-shock-and-awe-for.html

Great Quote From Jim Rogers On Govt CPI Reporting

JR: I mean, we have inflation now. If you go to the shop, whether it’s groceries, or education or insurance or health care, prices are going up for everything. The government lies about it in the US. Some countries lie, many countries don’t: Australia, China, India and Norway. Many countries don’t lie about it and acknowledge that we have inflation. Others lie about it, the UK and the US, but if you go shopping you know prices are up.

Q: Are you saying that the American Consumer Price Index (CPI) published by the US Bureau of Labor Statistics is a lie?

JR: In my opinion, yes, of course it is. Have you looked at it? They’ve changed their accounting several times in the past few decades. When housing was 20% to 25% of the CPI and housing was going up, they didn’t count it, saying rents weren’t going up, and then when home prices started going down, they counted it. It’s the same with many things. It’s staggering some of the tortuous reasoning that the BLS has used over the past 25 or 30 years. When the price of gasoline goes up, they say it’s not really going up because it’s better gasoline, better quality, therefore you’re getting more for your money. I mean, it’s endless, the stuff that they say and for some reason people sit there, although more and more people are catching on, and accept what the government says.

source: www.clusterstock.com

Quote of the Week

"The primary function of a Central Bank is to engage in the massive transfer of wealth from the middle class to the wealthy elite. The Federal Reserve was set up to do this with the blessing and support of Congress." - Dave in Denver

If you refuse to believe the above, please read "The Creature From Jekyll Island: A Second Look at the Federal Reserve" by G. Edward Griffin and then explain to me why the Senate voted down the Vitter Amendment and Congress refuses to pass a law requiring a full audit of the Fed, even though the Fed is using taxpayer-backed money to bailout Wall Street and Europe.