Gold news

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We're not waving, but drowning

  • 30 Ottobre 2018
  • by Blogger

Federal Reserve Chairman, Powell, has been openly criticised by President Trump; whilst this may not cause the FOMC to reverse their tightening, they will want to avoid going down in history as the committee that precipitated an end to Federal Reserve independence.

There is a great chance that the S&P 500 will decline further. Wednesday’s low was 2652. The largest one month correction this year is still that which occurred in February (303 points). We are not far away, however, a move below 2637 will fuel fears. I believe it is a breakdown through the February low, of 2533, which will prompt a more aggressive global move out of risk assets. The narrower Dow Jones Industrials has actually broken to new lows for the year and the NASDAQ suffered its largest one day decline in seven years this week.

Why having physical gold is the safest way to hedge your savings

  • 27 Ottobre 2018
  • by Blogger

The free market created money. Civil government spotted an opportunity and took it. The State granted itself a monopoly over money. It did so in the name of law: the defense of society from unscrupulous cheats and counterfeiters. From the day King Croesus (rhymes with “greases”) asserted authority over the new invention of the round metallic device that we call the coin, the State has muscled into monetary affairs. For 2,600 years, the public has accepted this arrangement. It worked for 1,100 years in Byzantium: 325 to 1453. It has not worked anywhere else for longer than a century or two.

Praxeology explains us why Uncle Sam is broken

  • 24 Ottobre 2018
  • by Blogger

Historical data cannot produce much information about the facts of reality without a theory that “stands on its own feet” and is not derived from the data. Gazing at the data cannot assist an analyst in establishing causes in the world of economics. All that gazing will do is to help describe things. To ascertain the underlying causes one requires an explanation that can be made by a logically worked out theory. The role of historical data in all this is just to illustrate things but not to serve as proof. One example that Mises liked to use in his class to demonstrate the difference between two fundamental ways of approaching human behavior was in looking at Grand Central Station behavior during rush hour. The “objective” or “truly scientific” behaviorist, he pointed out, would observe the empirical events: e.g., people rushing back and forth, aimlessly at certain predictable times of day. And that is all he would know. But the true student of human action would start from the fact that all human behavior is purposive, and he would see the purpose is to get from home to the train to work in the morning, the opposite at night, etc. It is obvious which one would discover and know more about human behavior, and therefore which one would be the genuine “scientist”. That man pursues purposeful actions implies that causes in the world of economics emanate from human beings and not from outside factors.

Hedging against financial tailwinds

  • 21 Ottobre 2018
  • by Blogger

The nineteenth century was the first stage of an international sting operation. As in the case of every con game, the con man must create a sense of trust on the part of his mark. Whether it is a Ponzi scheme or a more traditional scam, if the targeted sucker distrusts the con artist, he won’t surrender his money. For the con game to work, the con man must create an illusion of reliability. In short, he must present himself, economically speaking, as if he were “as good as gold.”

The era of limited government led to enormous economic expansion. It also led to the mass production of high-tech weapons. Governments had to get their hands on these weapons in order to defeat other governments. There were few Third World nations in 1885 that could afford fifteen minutes of ammo for a Maxim machine gun. The big governments, in the words of nineteenth-century New York City politician George Washington Plunkett, “seen their opportunities and took them.” The age of modern empires began in earnest.

To regain freedom we have to join forces

  • 17 Ottobre 2018
  • by Blogger

When two giants shake their hands, we can be sure that something big is happening. In our case, the most important tools that free markets brought to us can join forces to demolish once and for all central planning and fractional reserve banking. Economic laws are a priori, thus cannot be violated. Yes, they can be temporarly circumvented, but there is a price to pay. Add today's price is very high given the fact that central bankers are flying blind and run the most dangerous monetary experiment never seen before in monetary history. Market are dynamics while central planning is static, and as we can see economic laws are presenting the bill. There are errors that need to be cleaned. Chapter 11s to be filed. But, most of all, there is freedom to be regained. Therefore, let's explore all the ways that can bring us to that final goal and let's appreciate again what means thriving by means of market forces. A second industrial revolution is coming, and if you don't care about economics, the latter will deal with you.

Francesco SImoncelli

How free market defenders can spread freedom

  • 12 Ottobre 2018
  • by Blogger

The public remains unfamiliar with gold coins, and this is not likely to change, short of an international economic catastrophe. We who are defenders of the free market must do what we can to educate people, especially ourselves, to understand the case for freedom and individual responsibility. This involves understanding the case for voluntary contracts. As part of this educational effort, we should make the case for honest money, which is the case against fractional reserve banking. But this task has barely begun, and the rise in debt is now becoming exponential. There will be a series of debt crises long before voters force the politicians to return to a full gold coin standard. That return would involve a return to freedom.

Francesco Simoncelli

How to return to a gold based currency

  • 09 Ottobre 2018
  • by Blogger

It is conceivable that individuals will someday return to a full gold coin standard, but only in response to a breakdown in the monetary units of international trade. The cost of such a transition would be horrendous. Hardly anyone knows where to buy gold coins. There are not enough coin stores to handle demand for two or three billion adults to sell debt or equity (to whom?) and buy gold.

A tiger by the tail: central banks cartel demise

  • 06 Ottobre 2018
  • by Blogger

There is no conceivable way to establish a full gold coin standard that doesn’t involve either massive deflation or else a huge hike in the price of gold as the price of de-monetizing debt. A rise in the price of gold that didn't also mandate the return to the public of all of the stolen gold would validate the central banks’ ownership of most of the world’s gold, which is the opposite of the traditional free market economist’s case for gold: individual consumer sovereignty.

This means three things: (1) the level of debt will increase, (2) the central banks’ monetization of debt will increase, and (3) monetary inflation will increase.

Fiat currencies are not eternal, but gold it is

  • 02 Ottobre 2018
  • by Blogger

There is only one way back to a full gold coin standard without fractional reserve banking that would not be massively deflationary, thereby destroying men’s confidence in the free market. That non-deflationary transition would involve the central banks’ raising the price of gold while simultaneously selling off its debt. The currency-denominated value of the nation’s monetary base would remain the same.

Gold is still cheap and price inflation is rearing its ugly head

  • 29 Settembre 2018
  • by Blogger

Gold has gotten a bad rap.

Long seen as the investment choice of the cranky and the fearful, the metal yields nothing; as Warren Buffett has said, it just “looks at you.”

This year has been especially lackluster for gold. Its price has slumped 8%, to about $1,200 an ounce, and is off more than 35% from its high of $1,900 in 2011. Adding insult to injury, Vanguard will soon rechristen the largest gold-oriented U.S. mutual fund and shift its focus away from the metal.

But this out-of-favor asset class now deserves a place in investment portfolios.

Compared with stocks and other financial assets, gold looks inexpensive. More important, inflation is starting to pick up in the U.S. and in much of the world as central banks shrink their enormous balance sheets. And gold has represented a good defense against inflation eroding the value of a stock or bond portfolio. Over time, it has held its value against the dollar. Gold was $20.67 an ounce 100 years ago and that bought a good men’s suit. At $1,200 an ounce, the same is true today.

 

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