Gold’s London AM fix this morning was 1,778.50
USD, 1,328.230 EUR, and 1,125.419 GBP per ounce.
Yesterday's AM fix was USD 1,754.75, EUR 1,325.04, and
GBP 1,116.32 per ounce.
Spot gold hit a 3 month high of $1,787.55/oz yesterday rising gradually for the fourth day in a
row. Gold closes in New York at $1,778/oz and has
consolidated in Asia and early European trading.
Silver surged over $1.20 yesterday to over $35.50
– up over 3.55% on the day and convincingly breaching recent resistance
at the $34.50 level. Next level for resistance is $40/oz
and then the record nominal, repeat nominal, high of 1980 at $50/oz.
Gold's importance in the uncertain world of today,
gold's extreme rarity, liquidity and safe haven currency status is
The ‘gold bubble’ and the many gold myths
and misconceptions are looked at and the video uses music, images, facts and
quotations to show how gold is a proven store of value throughout history and
an important diversification today.
Currency debasement of all major currencies is
happening today on a scale never before seen in history.
Yet there continues to be a complete lack of awareness
amongst the majority in the western world as to the risks posed by our
currency monetary and financial system.
There continues to be a lack of knowledge and indeed
often wilful ignorance regarding gold.
Indeed, some comments on gold are so ignorant of the
historical and academic record that they have all the hallmarks of crude
anti-gold propaganda – and will be seen as such in time.
Gold is a proven safe haven asset and currency. Despite
much recent academic evidence and the historical record showing this and
despite voluminous articles, research and evidence, (evidence succinctly summarised in the video 'Gold Bullion or Cash'), there
continue to be frequent anti gold outbursts by some of the most respected and
trusted people in the western financial and economic world.
Such attacks on gold have come from men such as Paul Krugman, Nouriel Roubini and more recently Warren Buffett.
Alan Greenspan correctly wrote in 1966 that "an
almost hysterical antagonism toward the gold standard is one issue which
unites statists of all persuasions”.
Today, an almost hysterical antagonism towards gold
bullion as a diversification and as a store of wealth alternative to fiat
currencies unites beneficiaries of the current status quo – both
intellectual beneficiaries and material beneficiaries.
That status quo is a massively leveraged and insolvent
monetary, financial and economic system.
The masses are slowly realising
the fundamental unsoundness of our global monetary system and are beginning
to ask questions. But they are continually lulled into a false sense of
security by the “experts”.
Experts incidentally who failed to warn them about the
stock, property and global debt bubbles before it was too late.
Many Greeks today lament that they were not aware of
gold as a safe haven and wish they had diversified into gold. These
lamentations will be experienced in other debt-laden industrial nations in
the coming months and years.
A minority in the western world are seeing through the
anti-gold bias and beginning to take action and buy physical bullion as insurance
and as protection from significant monetary, systemic, geopolitical and
Crude anti-gold propaganda that is based on sophistry,
silly straw man arguments, ad hominem and personal attacks, poor research,
inaccuracies and actual fallacies is the stock in trade of what we could be
termed the expert "paper bugs".
We would prefer not to have to engage in name calling
but unfortunately the likes of Roubini, Krugman and Buffett have tended to engage in ad hominem
attacks (accusing those who buy gold or sell gold bullion of being driven by
fear or even of creating fear) rather than engage in rational debate
regarding the merits of gold as diversification or as financial insurance for
one’s and one’s family’s portfolio or life savings.
This shows the intellectual weakness at the heart of
the anti-gold proponents' very poor arguments and faulty logic which ignores
thousands of years of history and recent excellent academic research.
A few probing questions from a knowledgeable
interviewer about simplistic anti-gold opinions would quickly show the
weakness of their pronouncements regarding gold.
A hosted TV debate would similarly help enlighten
people but we would be surprised if the expert paper bugs would engage in
such a debate.
Meanwhile, many of the people and investors who
correctly predicted the current crisis - and protected themselves, their
families and their clients in the process – continue to advocate a
diversification into gold.
Faber, Rogers, Einhorn, Gross
and many others have all articulately laid out why they believe gold is an
essential diversification in these times.
The video 'Gold Bullion or Cash' clearly shows who is
mistaken and who is correct.
Gold comes off 3-mth peak; heads for weekly gain
The Wall Street Journal
Gold, Silver Hit 2012 Highs As Dollar Slips
Bloomberg Business Week
Gold Rises to Three-Month High as Dollar Drops;
Gold, silver at year high on Iran jitters
Tsunami of debt: Japan faces costs of credit
MISH's Global Economic Trend Analysis
Price of Oil Hits Record High in Euros and British
Pounds; Oil Shock Coming
Video: Jim Rogers: Greece Deal Is A Sham
The Economic Collapse Blog
Video: Even Robert Kiyosaki
Is Warning That An Economic Collapse Is Coming
Hendry: Gold at $5,000/oz?
As "Hyperdeflation Happens Before
Audio: Jim Rickards on
Currency Wars and Gold
Western central banks - more debt, Asian central
banks - more gold