Peter Schiff : "The gold standard forced the government to responsibly confront irresponsible fiscal policy. At first Nixon tried devaluation, but the amounts were far too small to stop the gold drain. As an escape hatch, he instead abandoned the gold standard (although he said that the move was temporary). Without this “relic”, government could continue to finance its spending with ever larger deficits without losing any more gold. So instead of devaluation or deflation, we chose inflation instead. Many consider the impossibility of running perpetual deficits under the gold standard as proof of its unsuitability to the modern economy. As I see it, this is precisely why the gold standard is so desirable and so badly needed today."
There IS going to be a return to the gold standard, but it wont be the republicans or any other political influence bringing it to fruition. The Bank for International Settlements, The central bank for central banks, Has issued policy called the Basel Accords. Basel 1 and 2 have already been implemented, which is where the “700 billion” dollar bailout came from. This was the amount needed to capitalize the banks that would continue to function under the terms of Basel 2. Now they are beginning Basel 3, Which will require more “bailouts” to further re-capitalize the fraudulent banks in anticipation for the consolidation (crash). Basel 3 will require a world currency backed by gold. The world is on to the games (derivatives) wall st plays. The gold standard will return and THIS will be the “new” global currency.
Mary Jo Jacobi fmr special assistant to Ronald Reagan, told CNBC, a lot of the party (Republican) faithful believe we should go back on the gold standard; it would control government spending and offer a sense of stability.
After a 16 month correction in this 11 year bull market Silver looks set to resume its long term trend. $29 looks to be the breakout point above the trend line and silver may still take out it's all time nominal high price of $50 this year.it doesn't matter what the price of silver is today. What matters is the fact that you actually HOLD real physical gold & silver. Measure your wealth in terms of grams, ounces, kg The paper silver price will continue to be artificially manipulated until JPMorgan goes down. Period.
PROOF GOVERNMENT RIGS SILVER .
If anybody has any idea of hoarding our silver coins, let me say this. Treasury has a lot of silver on hand, and it can be, and will be used to keep the price of silver in line with its value in our present silver coin. There will be no profit in holding them out of circulation for the value of their silver content.
S. Korea adds 16 tonnes of gold to their Central Bank Reserves in July moving them to 40th in the world with 70.0 metric tons. Hong Kong will open it's 1000 Metric Ton Gold Vault in September at the international airport to meet rising demand from banks and the wealthy. A central bank official told reporters the purchases were
made sporadically throughout the month in London, but declined
to provide the exact net purchase price per ounce it paid for
the bullion, typical of most central banks.
Jim Rogers : I've actually owned gold for longer than 11 years. I'm not buying now. Gold went up 11 years in a row, which is extremely unusual for any asset. I don't know of any asset in history that's gone up 11 years in a row without a correction.
Corrections are normal and are the way things should work, the way things do work. Having said that, I don't know when the correction will stop. It's normal in my experience for corrections to go down 30 or 40%. It's just the way markets work.
Gold has not gone down that much. It's only gone down that much once in the past 11 years, and even then it ended the year up. I'm not buying gold at the moment. If it goes down a lot, I hope I'm smart enough to buy a lot more. I'm certainly not selling my gold, because I suspect gold will be much, much, much higher over the next decade. - in mineweb