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Gold Resuming its Historical Monetary Role – as the Anti-Currency
Keynote Speech Presented by Nick Barisheff at the Empire Club’s 16th Annual Investment Outlook Luncheon
Thursday January 7, 2010
Good afternoon. As always, it is a privilege to speak at the Empire Club. Each year for the past three years, I have returned to the Empire Club to share perceptions about the precious metals industry and specifically about gold. Generally, this forces me to step back and assess the previous year's events and then to speculate about what they may indicate for the coming year. Choosing the seminal events this year has been more difficult than usual. Lately the pace of gold-related news has accelerated exponentially with gold’s rising price. While 2009 was an exciting year for gold, setting a new average high of $1,088, 2010 promises to be even more exciting.
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The Difference a Printing Press Makes |
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The Difference a Printing Press Makes
by John Rubino on January 3, 2010
Contrast how the best-run U.S. states are responding to the recession — cutting services, laying off workers, raising taxes, and generally making hard choices — with how the Federal government simply writes checks to any and all (while being praised for its “flexibility” and “creativity”) and you begin to understand the power of a printing press.
States, like all governments prior to the invention of fiat currency, have to deal with a fixed quantity of wealth that can be divided up but not increased in the short run. They’re like families, in other words, trying to live on a more-or-less stable income and reluctantly giving up low-priority activities in hard times. But a national government with a fiat currency doesn’t face these limitations. It just creates as much new paper as necessary to continue all its normal activities.
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Gold at $2,200 Becomes Inflation-Adjusted Bullseye for '80 High |
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Gold at $2,200 Becomes Inflation-Adjusted Bullseye for '80 High
Pham-Duy Nguyen
Wednesday, October 21, 2009
Oct. 19 (Bloomberg) -- Gold's rally to a record means prices are still 53 percent below the 1980 inflation-adjusted peak.
While gold rose 19 percent this year to $1,072 an ounce on Oct. 14, consumer prices almost tripled in the past three decades, eroding the metal's value. Bullion hasn't kept pace with the cost of bread, fuel or medical care. In 1980, gold hit a then-record $873 an ounce. In today's dollars, that would be $2,287, according to the U.S. Labor Department's inflation calculator. Record government debt and interest rates close to zero percent are pushing gold higher for a ninth straight year, and options show investors expect the rally to continue. When prices reached all-time highs, the contract with the most open interest was the December call to buy the metal at $1,200.
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Gold ‘Deja Vu’ Shows Advance Above $1,000 |
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Gold ‘Deja Vu’ Shows Advance Above $1,000
Kim Kyoungwha
Tuesday, Aug 25, 2009
Gold will rise to more than $1,000 an ounce next month based on moving-average "deja vu" patterns since the start of 2005, according to Barclays Capital.
This year’s trading was similar to previous patterns that indicated gold has a tendency to "break higher" in September and the 200-week moving average showed the uptrend on the precious metal remained intact, Jordan Kotick and other analysts at Barclays wrote in a report on Aug. 21.
Bullion jumped 7.8 percent in September 2005 and 10 percent in September 2007, laying the ground for the metal to rise to new highs in the following months. Gold traded at $946.20 an ounce at 12:40 p.m. local time in Singapore, up 7.3 percent this year. The metal was "mired" in a contracting range between $967 and $928, the analysts said.
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