Tag Archives: Precious Metals

Judge upholds Liberty Dollar founder’s conviction, schedules sentencing

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“The federal judge in the Liberty Dollar counterfeiting case from North Carolina today upheld the jury’s March 2011 conviction of the alternative currency system’s founder, Bernard von NotHaus. (For an account of von NotHaus’ conviction, see: http://www.gata.org/node/9715.)  The judge scheduled von NotHaus to be sentenced in December.  Since the Liberty Dollar case seems to have involved a political challenge to federal currency law more than a serious counterfeiting scheme, and since the U.S. government already has seized all of Liberty Dollar’s assets, it may be hard to see the need to imprison von NotHaus.”

http://news.goldseek.com/GATA/1415649749.php

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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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Swiss central bank fights to block public vote on gold backing

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“Now the SNB is fighting on a new front: to block a populist motion that would force it to almost treble the proportion of reserves held in gold.  At the end of November, Swiss citizens will vote on an initiative that calls on the central bank to hold at least 20 per cent of its assets in gold; to repatriate any gold stored abroad; and to refrain from selling any gold in future.  The initiative seeks to tap into a current of Swiss public opinion that is fiercely proud of the country’s independence, and unsettled by the economic struggles of its neighbours. The government has rejected the idea, saying last year that ‘gold no longer has any meaning for monetary policy’. Parliament voted against it by a large majority.”

http://www.swissinfo.ch/eng/swiss-fight-to-block-public-gold-vote/41061340

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The Fed: Strangling the Saving Ethic and Values

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“Around the time Nixon was pulling the plug on what remained of the gold standard, the personal savings rate in America was north of 12.5%. These days, it’s 5.4%, and that’s up from 2.2% in the boom year of 2005. The 2008 crash tightened people’s belts. However, prudence is not bursting out all over. The WSJ says the personal savings rate has increased ‘in large part because it counts reductions in personal debt, such as mortgages and credit-card balances, as savings’, but that most debt reduction has been driven by defaults, rather than paying back.  It’s clear that since the last tethers tying the dollar to gold were cut, money production has soared, and a casualty has been the savings ethic.”

http://www.caseyresearch.com/articles/the-fed-strangling-the-saving-ethic-and-values

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India says not considering immediate gold import duty cut

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“India is not considering an immediate cut in gold import duties, Trade Minister Nirmala Sitharaman said on Wednesday, extending a policy that has helped narrow the country’s trade deficit but is believed to have led to an increase in smuggling.  India’s trade and current account deficits have narrowed sharply since New Delhi raised the duty on gold imports to 10 percent from 2 percent through a series of steps last year, helping revive confidence in the country’s economy.  But the duties have also fuelled a belief that smuggling has surged, causing some suspicions about distorted data and raising expectations the government will ease some of its restrictions.”

http://in.reuters.com/article/2014/09/10/india-gold-imports-idINKBN0H50MC20140910

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