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overtheedge
Member since May 2012
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has posted a comment on the article :

Gold’s “Bigger Question” Is Where To Store It – Marc Faber - Mark O'Byrne - gold.ie

"They will then go and blame someone else for it and then an easy target would be to blame it on people that own physical gold because they can argue, well these are the ones that do take money out of circulation and then the velocity of money goes down … we have to take it away from them.”

That has happened in 1933 in the US…"

What a crock of nonsense.
It was all about the need to debase the currency.
Nobody was blaming the family holding 5 each $20 gold coins, now did they?

If I spend currency to buy beer and consume it, in financial terms it is no different than spending the money on gold and burying it under the old oak tree.
The money has been put back into the system and I have contributed to the velocity of money.
No money has been removed from circulation.
The government has declared that gold is not money.
Using the same logic as Marc Faber, perhaps the government should take away beer.

This isn't 1933 and FDR is still dead.

Commented 3263 days ago

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Beginning of the headline :Marc Faber has again encouraged individuals to own physical gold, be wary of possible government confiscation and said that the big question is where to store your gold.“ … But I would say an individual should definitely own some physical gold…The bigger question is where should he store it?”“Because I think if we think it through, the failure of monetary policies will not be admitted by the professors that are at central banks. They will then go and blame someone else for it and then an easy t... Read More

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