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The self-described billionaire is behind a call for people around the world to withdraw their savings on the same day to try to destroy the international banking system. More than 60,000 people across Europe, in Canada, the U.S. and other countries have signed on to the Facebook page StopBanque, which calls for the action to take place today, and authors of the Belgium-based website Bank Run 2010 say they have heard from thousands of others who plan to take part.
Finally, I like the long-term fundamentals of gold better than I like the long-term fundamentals for the Dow. The Dow is denominated in dollars, and frankly, I'm very concerned about the future of the dollar. The actual number of dollars has been expanding, year after year, and dollar creation has even been accelerating recently. The more dollars being created, the less the dollar will be worth in purchasing power. And that, in a nutshell, is the reason I like gold. The fight against deflation is bashing the dollar, and if it continues it will literally kill the dollar.
Didn’t Chairman Bernanke say, “The Federal Reserve will not monetize the debt.” Yes he did, as clear as day to the House Budget Committee back on June 3, 2009.
It is widely known that J.P. Morgan (NYSE: JPM) holds a giant short position in silver. Furthermore, some observers are accusing the bank of acting as an agent for the Federal Reserve in the market - every tick higher in the price of silver undermines confidence in the U.S. Dollar. A lower silver price helps keep the relative appeal of the U.S. dollar and other fiat currencies high.
Paul Brodsky of QB Asset Management in New York made a comprehensive case for investing in gold and predicted that the U.S. Federal Reserve eventually will devalue the dollar against a gold price of as much as $8,000. Brodsky's presentation has just become available to GATA and you can find the text of it here:
According to a person familiar with the matter, the bills are the most costly ever produced, with a per-note cost of about 12 cents—twice the cost of a conventional bill. That means the government spent about $120 million to produce bills it can’t use. On top of that, it is not yet clear how much more it will cost to sort the existing horde of hundred dollar bills.
SAN FRANCISCO (MarketWatch) — Gold climbed to record settlement territory Monday on uncertainty about European sovereign debt and the potential for more U.S. dollar weakness.
