Monthly Archives: November 2014

Save Your Swiss Gold – Peter Schiff’s Message to Switzerland

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“I know in Switzerland you have all kinds of protests coming from the Swiss National Bank or the government – ‘You can’t do this. You can’t require that we have 20% gold backing.’ Well, prior to the removal of gold backing, think about the Swiss economy prior to 1999. Was there a problem having a gold standard? No. Why do you think the Swiss economy did so well? Why do you think Switzerland prospered more than countries like Italy or Spain or France or Greece? It’s because the Swiss politicians were disciplined by a gold standard. So you had sound money. You had limited government. You had real economic freedom, and you made progress.”

http://schiffgold.com/commentaries/save-swiss-gold-video/

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Bank of Canada Holds Swiss, Dutch, Swedish Gold

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“What is surprising is that the SNB still holds gold at the Bank of Canada, since the Bank of Canada is a legacy custodian of other countries’ gold and appears to have stopped storing other nations sovereign gold in recent years.  When the Bank of Canada was asked earlier this year as to how many foreign central banks it acts as gold custodian for, it confirmed that it currently acts as gold custodian for only four foreign central banks, but that due to confidentiality, it was unable to disclose the identity of the national account holders.  However, its known from other sources that both the Netherlands and Sweden also hold some of their gold reserves at the Bank of Canada.”

http://www.goldcore.com/goldcore_blog/Bank_Of_Canada_Holds_Swiss_Dutch_Swedish_Gold_As_Swiss_Repatriation_Referendum_Looms

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Europe central banks commit to hold gold

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“European central banks renewed a five-year agreement by committing not to sell ‘significant’ amounts of the precious metal.  Under the current Central Bank Gold Agreement, which expires in September, the eurozone countries plus Sweden and Switzerland pledged not to sell more than 400 tonnes of bullion from their combined holdings each year. The new deal reaffirms a commitment to bullion as a monetary reserve but drops the quotas – a recognition of European governments’ lack of interest in offloading gold.  The central banks said they would ‘continue to co-ordinate their gold transactions so as to avoid market disturbances’.”

http://webcache.googleusercontent.com/search?q=cache:wrvAY4IxXxsJ:www.ft.com/cms/s/0/5292bcde-df3d-11e3-86a4-00144feabdc0.html

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Gold: The One Commodity Buffett and Bernanke Just Don’t Understand

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“While reading through the bullion site for Britain’s Royal Mint, I came across some highly unexpected commentary.  While the likes of Ben Bernanke, Warren Buffett and others here in the States offer inane commentary on the uselessness of gold, the 1,100-year-old Royal Mint had this to say:  Gold is the ultimate store of value.  Gold is the original and still the most far-reaching global currency.  Gold is perhaps the ultimate form of insurance.  And, yes, the Royal Mint put those words in boldface.  That should tell you something — namely that gold bullion, at today’s lower prices, is an asset you should be adding to your portfolio.”

http://thesovereigninvestor.com/gold/gold-commodity-buffett-bernanke-dont-get/

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Alan Greenspan talks GOLD (UNCUT VERSION)

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“Look, remember what we’re looking at. Gold is a currency. It is still by all evidences the premier currency where no fiat currency, including the dollar, can match it. And so that the issue is, if you’re looking at a question of turmoil, you will find, as we always have in the past, it moves into the gold price. The ultimate test at the Mount Washington Hotel in 1944, between those who wanted to an international fiat currency which was embodied in John Maynard Keynes’ construct of a banker, and he was there in 1944, holding forth with all of his prestige, but couldn’t counter the fact that the United States dollar was convertible into gold and that was the major draw. Everyone wanted America’s gold.”

http://www.cfr.org/financial-crises/alan-greenspan-central-banks-stagnation-gold/p33699

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Greenspan: Price of gold will rise

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“When asked how a 25-fold increase in the Consumer Price Index or a 60-fold increase in the price of gold since the inception of the Fed can be considered a success, he said the Fed does what Congress requires of it. He lamented that Fed policies are dictated by culture rather than economics.  So doesn’t this jeopardize the Fed’s independence? Independence of a central bank is important, for example, so that there isn’t reckless financing of government deficits.  Greenspan: ‘I never said the central bank is independent!’  I could not believe my ears. I have never, ever, heard a Fed Chair be so blunt.”

http://www.merkinvestments.com/insights/2014/2014-10-29.php

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Greenspan Sees Turmoil as QE Boost to Markets Unwinds

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“Former Federal Reserve Chairman Alan Greenspan said he doesn’t think the Fed can unwind years of extraordinary stimulus without causing turmoil in financial markets. ‘I don’t think it’s possible,’ Greenspan said during an event today at the Council on Foreign Relations in New York, responding to a question about the likely market impact of the Fed’s exit.  The program ‘hasn’t been a success on the demand side for one fundamental reason,’ Greenspan said. ‘What you’re basically seeing is an explosion of assets, an explosion of reserve balances, and that’s the only two statistics that are moving.'”

http://www.bloomberg.com/news/2014-10-29/greenspan-sees-turmoil-as-qe-boost-to-markets-unwinds.html

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Central banks that trade on the stock market [2013]

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“Most people don’t realize that the central banks of Belgium, Japan, Greece, Switzerland, and South Africa are all publicly-traded. In times past, central clearinghouses were typically privately-owned while the issuance of bank-notes was the domain of competing banks. The fact that a few central banks still retain traces of their former private nature is a good reminder that centralized banking isn’t necessarily the domain of the public sector. Though the shareholders of the five central banks may to some extent ‘own’ their nation’s central bank, they don’t exercise the same degree of control over their company that regular shareholders do.”

http://jpkoning.blogspot.com/2013/02/central-banks-that-trade-on-stock-market.html

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What Happens When the Surf Is Down: Contemplating Stocks without QE

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“Since the financial crisis of 2008 stock prices have only risen when the Fed is either expanding its balance sheet, hinting that it will soon do so, or actively recycling assets to hold down long term interest rates. Absent any of these aggressive moves, stocks have shown a clear tendency to fall. Curiously, while most investors now believe that QE is in the past, and that the Fed will not even be hinting at a restart, few would argue that the current bull market is in danger. But a quick look at how much influence the Fed’s operations have had on market performance should send a chill down Wall Street.”

http://www.europac.net/research_analysis/newsletters/global_investor_newsletter_fall_2014

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ECB’s Noyer: ‘no problem’ buying government bonds if needed

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“European Central Bank Governing Council member Christian Noyer, who previously said that only ‘extreme circumstances’ warranted such purchases, added that the ECB could also consider intervening on the corporate bond market if conditions did not require purchases of government debt.  ECB President Mario Draghi has announced the unanimous determination of the bank’s policy-setting council to take further unconventional measures if necessary to combat falling inflation.  Noyer said that he did not consider deflation a ‘credible risk’.  ‘The risk is mainly from inflation that is too low, for too long,’ he said.”

https://au.news.yahoo.com/world/a/25513118/ecbs-noyer-no-problem-buying-government-bonds-if-needed/

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