Fri, 13 November 2015
GOLD (Part 3) – Gold’s Importance to Countries.
“ For us (Russia and China) it is important to deposit those (gold and currency reserves) in a rational and secure way,” he said. “And we together need to think of how to do that keeping in mind the uneasy situation in the global economy.” Russia’s President Vladimir Putin
“We are buying metal and will continue to pursue this course,” “This is a course of asset diversification in a situation when investing in securities or deposits remains risky.” Alexei Ulyukayev, First Deputy Chairman of Russia’s Central Bank
In contrast, you will most likely never hear United States President Barack Obama or U.S. Federal Reserve Chair Janet Yellen discuss “the nation’s gold” or their plans to preserve it or obtain more.
Janet Yellen recently gave a speech on monetary policy and financial stability and made not one reference to gold.
Indeed, in the twenty-five speeches given by Fed members in 2014 so far (including ten by Ms. Yellen) there have been NO references to gold.
Who Thinks Gold is Money?
There is a difference in attitudes towards gold in the west and and in the east. Gold is scoffed at in the west when it is referred to as money, especially in the United States. While in the east, nations and individuals accumulate gold as a store of wealth and in some countries like India, it is revered.
Or perhaps, it’s the case that gold is considered competition to the U.S. Dollar and worse, that maybe the U.S. doesn’t have the gold it purports to have, so not mentioning gold, changing the subject or dismissing gold is a better strategy. Some believe the United States’ gold is long gone, having been sold or leased to protect the value of the dollar by supressing the price of gold.
Whether the U.S. has the gold it claims or whether the price of gold is manipulated are not subjects of this post. For excellent overviews on the mystery of the whereabouts of the United States’ gold that hasn’t been audited since the 1950’s click to see the History Channel’s -The History and Secrets of Gold and Gold and Bad: A Tale of Two Fingers, a film by Grant Williams.
QUOTE OF THE DAY: “Education is not the learning of facts, it’s rather the training of the mind to think.” – Albert Einstein
SPECIAL GUEST: Lorraine Eldridge – Lorraine has a background in real estate and other business ventures she has run over her lifetime. She got involved about a year ago with gold and is now a Gold Director with our company.
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