Gold & Silver
Sign Up for free News Alerts
Gold versus the US dollar video, sign of a short-term price top?
Posted on 15 January 2011 with 4 comments from readers
So if you had money to lock away for 10 years how would you rather hold it in a bank vault: in cash or gold billion? This clever video makes it all seem so simple.
However, you have to think that gold is up for a short-term correction when this kind of video is made. The Chinese have been the biggest bullion buyers recently and are on holiday in early February, so that might be the time for a correction – which would actually be the time to buy, not now, and indeed prices have fallen back since the December peak…
4 Comments posted by readers:
Great video! Thanks for putting it up for us to watch!
Nice quartet of old U.S. gold coins you’ve got pictured at top. Time was, I used to own at least one of each of those coins depicted. Sadly, I sold them many years ago. What’s even more sad, is that way back when (early 70’s or so) you could pretty easily get those types of coins at reasonably good prices. Not so today!
If I had a time machine, one thing I’d definitely do is go back to about 1972 and load up on exactly those types of gold coins – and hang on to them!
Nice video, with lots of factual info in there!
My favorite part is at the very end, where the video quotes Lord Rees Mogg:
“Governments Lie; Bankers Lie; even Auditors sometimes lie. But gold tells the truth.”
That statement has become hallowed with time, since it is the personification of gold’s political dimension. I would modify it slightly, though, for the current era, by saying even Auditors now lie.
Gold can’t be printed, nor can it be counterfeited, and that is why governments don’t like it!
21January Update:
As mentioned above: “Gold can’t be printed, nor can it be counterfeited, and that is why governments don’t like it!”
But now the venerable Alan Greenspan likes it! He has publicly stated that the US needs “something” to limit the unlimited production of US fiat paper money, and therefore he would like to see a return to the gold standard.
Further, he said: “there are numbers of us, myself included, who strongly believe that we did very well in the 1870 to 1914 period with an international gold standard.”
Go here for more info on Greenspan’s commentary:
http://www.zerohedge.com/article/stunner-gold-standard-fully-supported-alan-greenspan