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overtheedge
Member since May 2012
680 commentaries
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has posted a comment on the article :
Switzerland and Gold: What Next?
- Dan Popescu -
GoldBroker
Admittedly I only gave your article 4 stars.
The reason is quite logical once you spend a few moments in contemplation.
You presented a graph of "World Gold Reserves – Top 20 Holders (Tonnes)".
In logic there is a term called reductio ad absurdum; reduce it to the level of absurdity.
Then see if it is still logical.
If country X only has $120,000 in cash/cash equivalents in its central bank, but has 1000 ozt of gold as well, then its gold reserves percentage can be stated as 91%.
Does this 91% gold reserve signify the country's internationally accepted standard of financial viability?
Not at all.
The harsh reality is country X only has 9% of its reserves in foreign currency.
This problem becomes even more evident once we look at country X's international debt.
All of this becomes even more revealing once we consider the possibility that country X has lied about its level of debt and states, "We have 1000ozt of gold. Just take our word for it."
Therefore using "World Gold Reserves" as a stand-alone metric without an accompanying accounting of international debt is meaningless.
Otherwise, an excellent article.
The quickening has begun.
Commented
3284 days ago
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“Money is sound when it fulfils its functions as a means of payment and store of value as smoothly and reliably as possible in people's everyday lives. Sound money retains its value and is generally accepted. It also makes an important contribution to social harmony and material prosperity. Sound money is therefore a central pillar of our [Swiss] society. The mandate of monetary policy is to ensure that money remains sound. Consequently, the Swiss National Bank (SNB) bases all of its activities...
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chers Vladi,il est lor, oui, effectivement, et alors ? un fonctionnaire crée de la richesse ? creuser des trous crée de la richesse ? si nous arrêtions, pour voir, de payer nos impôts, vos 55, fonctionnaires compris, font quoi fin du mois ? merci d'expl
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- 20/04/2013 à 20:03 GMT
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