Gold and What Moves it.
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Gold and What Moves it.
Tracking all things that relate to and affect the price of gold.
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South African gold mine violence continues to simmer

South African gold mine violence continues to simmer | Gold and What Moves it. | Scoop.it

The deaths of two mineworkers in what appears to be inter-union rivalries off-site near Harmony’s Kusasalethu gold mine raises fears that SA miner unrest continues to simmer

 

by Lawrence Williams:

 

LONDON -

 

"In what could be seen as a worrying development, two Harmony mineworkers have been killed in off-site violence near its Kusasalethu gold mine in what appears to be continuing inter-union violence – reminiscent of that on the platinum mines which came ahead of the Marikana massacre. This suggests that, although the mines have gone back to work after a serious disruptive period, violence still simmers under the surface and could rear up yet again as new unions attempt to challenge the National Union of Mineworkers' dominance of the industry.

 

"In a statement, Graham Briggs, Harmony’s CEO, said: “ “Harmony deplores the tragic and senseless loss of life in what appears to be inter-union rivalry, not associated with the operations of the mine. Management, the recognised unions and AMCU have continued to engage in talks about normalising the situation at Kusasalethu, since workers returned to work on the 25th of October 2012 following the unprotected strike. AMCU has applied for recognition and a process of membership verification is underway. We urge all employees and the unions to refrain from violence and follow the proper engagement processes that are in place. ..."

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Fiscal Cliff Should Be About Cutting Government - TrimTabs Money Blog

Fiscal Cliff Should Be About Cutting Government - TrimTabs Money Blog | Gold and What Moves it. | Scoop.it
TrimTabs' Charles Biderman explain why the fiscal cliff should be more about cutting ineffective government responsibilities than taxes.

 


"... Am I alone in saying that fiscal cliff conversations focusing only on tax rates are hiding the real problem. Are those not talking about government spending as the major issue simply ignorant? It could be that in an economy where nobody cares about real time data, that reality is just not as important as feeling good about ourselves, whatever that means and implies.

 

"Stopping the increase in government spending is the only one real solution to the fiscal cliff. A solution that focuses mainly on tax increases will end the fiscal cliff conversation, but will certainly not keep us from falling off the cliff. So without serious spending cuts, we will keep ignoring reality, hoping for a miracle and we will keep kicking the can down the road. At some point, of course, the can will become too heavy to kick. ..."

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LIES, LIES, AND MORE LIES « The Burning Platform

LIES, LIES, AND MORE LIES « The Burning Platform | Gold and What Moves it. | Scoop.it

Bruce Krasting writes:

 

".. And that is exactly what will happen in December. The Fed will do QE#4, it will result in an additional $40+B per month of Fed buys. Along with QE#3, that means the Fed will be monetizing debt to the tune of $85B a month ($2mm a minute, 24/7). When QE#3 and #4 is ending, we will have QE#s 5 and 6.

 

"Bernanke has said many times that all of his efforts are just temporary. That the big balance sheet of the Fed can be reduced with no problems at all when ever it might be needed. Ben’s lying. He’s fibbing in the same way as suggesting my roadway might reopen someday soon. America is never going to have a Green Terror Alert status again. The answer to the question, “When’s the shortcut gonna open again?” is, “Never”. The Fed is no different. They are committed to an Evergreen approach. They have no other alternative.

 

"The major economies of the world are faced with Print or Die. So print it will be. I do wish the monetary overlords would acknowledge that what is being done is irreversible, and that the consequences will be felt for years. What was once unthinkable, is now permanent. ..."

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Call to bring Austrian gold back home from the UK - Business News - Austrian Times Online News - English Newspaper

Call to bring Austrian gold back home from the UK - Business News - Austrian Times Online News - English Newspaper | Gold and What Moves it. | Scoop.it
Report on Austrian Times english news online newspaper: There is heated debate in Austria after it was revealed that the country's National bank is storing its gold reserves in England.

 

"There is heated debate in Austria after it was revealed that the country's National bank (OeNB) is storing its gold reserves in England.

 

"In response to a parliamentary question the bank said that 224. 4 tonnes (around 80%) of Austrian gold reserves were in the United Kingdom, around 6.9 tonnes (around 3%) are in Switzerland and around 48.7 tonnes (around 17%) are in Austria itself.

 

"The OeNB said that the reason to store gold abroad was that because in a time of crisis it could be speedily traded. Since 2007 Austria's National bank had had a constant reserve of around 280 tons of gold. Through leasing of its gold the Austrian National Bank has in the last 10 years earned around 300,000,000 euros. ..."

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Gold's Bull Market Almost 12 Years Old! | Mary Anne & Pamela Aden | Safehaven.com

Gold's Bull Market Almost 12 Years Old! | Mary Anne & Pamela Aden | Safehaven.com | Gold and What Moves it. | Scoop.it

By: Mary Anne & Pamela Aden

 

"Gold jumped up on the eve of the U.S. election. It seemed to be looking beyond... and indeed it was. Gold continued rising as the attention then turned to the fiscal cliff and escalating tensions in the Middle East.

 

"The markets have been focusing on the next major problem. The fiscal cliff will surely help keep the markets volatile. But the ongoing uncertainty and the historical money pumping will continue to be dominant factors affecting the markets.


"Gold sees inflation coming. With the Fed's ongoing record stimulus, for example, it sees uncertainty as the only real certainty. It sees a debasing of the currencies while the soaring monetary base in the U.S. and around the world mounts. ..."

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Brazil has no gold reserves, just claims against bullion banks, Goldcore discloses | Gold Anti-Trust Action Committee

Brazil has no gold reserves, just claims against bullion banks, Goldcore discloses | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

GATA writes:

 

"Gorecore [sic] reports today that Brazil's gold reserves really aren't gold reserves at all but just "deposits" with -- claims against -- bullion banks. Can the Banco Central do Brasil really be unaware of the Western central bank gold price suppression scheme? Or is this insult to Brazil's sovereignty the price of admission to the scheme and to the fraternity of Western central banking? These are compelling questions for financial journalism in Brazil...."

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Indian government may offer bonds payable in gold | Gold Anti-Trust Action Committee

Indian government may offer bonds payable in gold | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

By Mahua Venkatesh and Anupama Airy

 

"You may soon have options to invest in new financial instruments that are linked to gold, such as a possible gold bond.

 

"With savings rates dropping from 35% about five years ago, the government, trying to boost savings and discourage hoarding of gold in physical form as a speculative activity, is planning to soon come out with attractive paper products including gold bonds, riding on India's craze for gold.

 

"Though the details are yet to emerge, experts say that in such instruments investors may be allowed to invest cash or offer gold against an assured minimum return.

 

"At the time of maturity investors are given the option of receiving gold or cash. The funds raised are likely to be used to build infrastructure projects. The government is expected to offer soverign guarantee to notified companies that can sell such bonds and back it up with hedging in global gold markets to assure minimum returns linked to the metal. ...."

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Surprise: PA College Slashes Instructors' Hours to Avoid Obamacare

Surprise: PA College Slashes Instructors' Hours to Avoid Obamacare | Gold and What Moves it. | Scoop.it
Pennsylvania's Community College of Allegheny County (CCAC) is slashing the hours of 400 adjunct instructors, support staff, and part-time instructors to dodge paying for Obamacare.
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China is now the world's biggest Gold producer and consumer

China is now the world's biggest Gold producer and consumer | Gold and What Moves it. | Scoop.it
Chinese gold imports are increasing as well. Most come through Hong Kong. Between 2010 and 2011 they tripled.

 

By Dominic Frisby


"In 2010, China became the world’s biggest gold producer, mining 340 tonnes. This was an increase on the previous year, which itself was up on the year before that, and so on.

 

"In 2011 (not on the chart) there was another rise to 361 tonnes.

 

"This is a very different picture to the output of the other major gold producers: the US (peaked around 1997), Russia (peaked around 1958), Australia (1997), South Africa (1971) and Peru (2003).

 

"Chinese gold imports are increasing as well. Most come through Hong Kong. Between 2010 and 2011 they tripled. ..."

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Banker Bailouts, Indefinite Detention, Money Printing, MSM Ignored Real Issues | Greg Hunter’s USAWatchdog

Banker Bailouts, Indefinite Detention, Money Printing, MSM Ignored Real Issues | Greg Hunter’s USAWatchdog | Gold and What Moves it. | Scoop.it
Greg Hunter USAWatchdog.com  It’s hard to believe how little Americans know about the real issues facing them after $6 billion was spent by both parties...

 

"... The real fiscal cliff isn’t what is coming at the end of the year. It is the debasement of the U.S. dollar at the hands of the Federal Reserve that is printing $85 billion every month in “open-ended” currency creation. According to experts, it is only a matter of time before the U.S. bond market collapses with an interest rate spike that money manager Michael Pento says will turn into “an interest rate shock that will make the Great Depression look like the days of wine and roses.” Not a word in the debates or questions by the MSM to the candidates about money printing on a scale that has never been done in human history.

 

"The 2008 financial meltdown was caused by a housing crisis created by big banks. They sold “liar loans,” packaged those loans into mortgage-backed securities, they were rated “Triple-A” when they were “toxic;” and when it all blew sky high, the bankers committed forgery, perjury and fraud that was politely called “robo-signing.” According to Professor William Black, who was also a top regulator in the Savings and Loan crisis of the 1980’s, more than 1,000 financial elites were successfully prosecuted in the aftermath of the S&L calamity. The 2008 meltdown was 70 times larger. There has not been a single financial elite charged with a crime. This fraud and crime is one of the main reasons the economy is still in deep trouble. According to Fabian Calvo of TheNoteHouse.us, “We haven’t even scratched the surface of being at the bottom of the housing market.” (His company buys and sells $100 million a year in real estate and sour mortgage debt.) $40 billion of the $85 billion the Fed prints every month is going for continued banker bailouts. You can talk all you want about raising taxes on rich, but the real money is in the banker bailouts. No meaningful discussion or questions were asked of the Presidential candidates on this subject either. ..."

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Doug Casey on the America That Was – Now the United (Police) State of America - Casey Research

Doug Casey provides compelling evidence that the US is no longer the land of the free.
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Even if You Hate Gold, You Should Buy It - Casey Research

By Vedran Vuk

 

"There have been decades of debate in finance over gold – long before the recent, rapid rise in gold prices. Some see gold as a way to diversify into an asset with less direct correlation to the overall market. Others view gold as no more than a lump of yellow metal. It produces no cash flows. How can it be possibly worth anything?

 

"In a way, the naysayers are right. Gold does not produce any cash flows, so that naturally makes it suspect. If someone were trying to sell me a stock that produces no cash flows and never will, I'd tell him where to stick that stock –and let me tell you it wouldn't be inside my brokerage account.

 

"However, any company faces this same problem with its products. Take Apple, for example. Does Apple produce cash flows and dividends? Of course it does. At the same time, its products don't do anything… they're not much different than a lump of gold. No, I'm not crazy. Your Apple iPad does not produce cash flows. Not a single cent – just like an ounce of gold. Of course, Apple sells iPads to make cash flows and dividends, but really the same is true with gold. Newmont Mining and Barrick Gold also earn cash flows and pay dividends as well by selling their product: gold. ..."

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More Americans Will Use Food Stamps For Thanksgiving This Year Than Ever Before

More Americans Will Use Food Stamps For Thanksgiving This Year Than Ever Before | Gold and What Moves it. | Scoop.it
The USDA says average participation in food stamps has increased 70 percent over the last five years.

 

"More Americans will use food stamps to buy their Thanksgiving dinner this year than ever before, according to a new report from the nonprofit government watchdog group The Sunlight Foundation. ..."

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Gold to hit $5,000 as central banks rush to restock their coffers | MINING.com

Gold to hit $5,000 as central banks rush to restock their coffers | MINING.com | Gold and What Moves it. | Scoop.it

by Marc Howe:

 

"Jim Willie of the GoldenJackass.com says we are on the verge of a "global monetary war" which will push the price of gold as high as $5,000 per ounce.

 

"Writing for Silver Doctors Jim Willie says that in the wake of widespread reports that the coffers of central banks are devoid of their nominal contents a "global gold war" is set to ensue, with the German government's submission of gold demands to London and New York bankers acting as the opening salvo.

 

"Following close on the heels of the LIBOR banker scandal the Allocated Gold Account scandal will further shake confidence in the international financial and monetary system and serve to push gold as high as $5000.

 

"In the meantime QE and ZIRP will also push gold prices higher, as well as boost silver prices past the $60 threshold. In Willie's opinion this "permanent monetary easing" all but guarantees an "endless bull market" for precious metals. ..."

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Gold price on a Black Friday tear | MINING.com

Gold price on a Black Friday tear | MINING.com | Gold and What Moves it. | Scoop.it
Weak dollar, no EU deal and fresh violence at South Africa's mines help gold price through $1,750.

 

"Gold climbed by as much as $20 an ounce on Friday as the metal made the most of a weakening dollar.

 

"Comex gold for delivery in December settled $23.20 or 1.3% higher at $1,751.40 an ounce in New York, the best level in more than a month, after earlier in the day touching a high of $1,755.

 

"Floor trading was closed Thursday for the Thanksgiving holiday and gold and other markets had a shortened trading session on Friday.

 

"Gold as a safe haven investment received a boost from news that the European Union summit ended unexpectedly early on Friday sans agreement on the 27-nation’s €1 trillion budget plans.

 

"Gold was also pushed higher by news from South Africa – at 221 tonnes a year the world's number four producer of the yellow metal – of renewed labour unrest in its mining sector including two dead in clashes at a Harmony Gold (NYSE:HMY) mine in the country. ..."

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A Cat-5 Debt Crisis is Coming Our Way! | Uncommon Wisdom Daily

A Cat-5 Debt Crisis is Coming Our Way! | Uncommon Wisdom Daily | Gold and What Moves it. | Scoop.it
The sovereign-debt crisis coming our country’s way will be a Category 5 financial storm. And Obama’s second term is entirely consistent with it.

 

by Larry Edelson:

 

"Obama’s policies of class warfare and fat tax increases on the job-producers and risk-takers in our country will tear our society apart by the seams.

 

"It will deepen the looming sovereign-debt crisis, and eventually destroy the U.S. dollar.

 

"The next eight months – before the crisis fully hits our economy – will be your very last chance to get your financial house in order.

 

"Fact is, I didn’t like either presidential candidate all that much. But Obama’s policy of instigating and escalating class warfare in our country, further dividing our society and blaming almost everything on the rich is just about the worst platform any leader can have.

 

"Just consider the history of class struggles and you will see what I mean. They almost never solve any of those problems. Instead, they often lead to terrible consequences.

 

"Nearly every one of the revolutions in our history was largely triggered by class warfare – blaming the rich, targeting them for higher taxes and, in many cases, literally chasing them out of their country. ..."

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The Soros Position Nobody is Talking About | The Daily Gold

The Soros Position Nobody is Talking About | The Daily Gold | Gold and What Moves it. | Scoop.it

"Just about everyone in the gold and money management communities, is aware that billionaire George Soros’ hedge fund, Soros Fund Management LLC, is heavily invested in gold and gold mining equities. Additionally, in the past few days, a flurry of new articles have been written, detailing the Soros Fund’s most recent 13-f filing. In case anyone is unfamiliar, a 13-f filing is a document which contains a fund’s investments held during a financial quarter, and when we compare a recent 13-f with a previous 13-f, we can see the buying and selling activities of a fund during a given time frame.

 

"In the most recent 13-f filing on November 14th, the Soros fund increased its position in gold via the GLD fund from 884,400 shares, to 1.3+ million shares. That represents a sum of about $200 million. The fund increased its position in the GDX gold miners ETF from 1 million shares, to over 2.3 million, it added a 1.7 million share position in Kinross Gold, and finally, maintained a nearly 2.4 million share position in the GDXJ junior gold miners ETF. ..."

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Silver’s Smoking Guns, Part I: Mining Paradox

Silver’s Smoking Guns, Part I: Mining Paradox | Gold and What Moves it. | Scoop.it

"When a reader (and fellow silver-mining investor) recently expressed his frustrations on our Forum regarding the absurd valuations which most of these miners currently exhibit, I decided it was once again time to try to shed some light (and sanity?) on this subject.

 

"When I began investing in these silver miners many years ago; one of the first anomalies to which I was introduced was that the vast majority of silver produced in the world (more than 75% at that time) was produced as a “byproduct” of other mining. While I immediately recognized that this was an extremely important factoid, at that time I lacked the level of understanding necessary to glean its true significance.

 

"Since that time, the ramifications of these incredible parameters in silver mining are now apparent to me. Sadly, however, this important analytical point does not seem to be as apparent to others. While I’ve covered this subject matter once already in a prior commentary, the lack of general awareness in this area clearly merits repetition of this analysis.

 

"The basic parameters for the mining of metals on our planet are simple and clear. With nearly every commercially-produced metal on the planet, the vast majority of that metal is produced via “primary” mining – mines which “primarily” produce that particular metal. The reason for this should be obvious. ..."

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Real Rates and Gold 11 | Adam Hamilton | Safehaven.com

Real Rates and Gold 11 | Adam Hamilton | Safehaven.com | Gold and What Moves it. | Scoop.it
Early in gold's secular bull, contrarian investors looked to real interest rates as one of this metal's primary drivers. Eleven years ago when gold still languished under $300, mainstreamers scoffed at the notion that there would ever be ...

 

"... So while the world's above-ground gold supply spent three decades growing on the order of 37% to 88% thanks to mining, the Fed has inflated the US dollar supply by 1222%. So the amount of dollars available to chase gold as it becomes more popular are vast beyond imagining compared to what was available at the apex of the last secular bull. An 8%+ annual money-supply growth rate dwarfs a 1%-to-2% gold one into inconsequentiality.

 

"Today's secular gold bull is therefore destined to peak at real levels multiples higher than what we saw back in early 1980. And just like in that last secular bull, negative real rates will be a major driver. The longer they stay negative, the more they will sour bond investors on getting poorer for lending their hard-earned surplus capital. As they migrate into gold, they will continue bidding up its price, attracting others.


"And this virtuous circle of bond flight capital migrating into gold will be massively larger this time around, for another simple reason. Back in 1970 before real rates went negative and catapulted gold higher, nominal yields were running around 4% at worst. Today they are less than 0.2% for a 1y Treasury! Rising interest rates are far more dangerous to bond investors than inflation, and the risks today are staggering. ,,,:

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Clamor about gold reserves prompts leasing disclosure by Austrian central bank | Gold Anti-Trust Action Committee

Clamor about gold reserves prompts leasing disclosure by Austrian central bank | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

Germany's clamor and agitation about the integrity of national gold reserves are spreading into Austria, where two national newspapers headquartered in Vienna, Die Presse and Der Standard, this week raised questions about Austria's national gold and even prompted a response from the country's central bank, the Oesterreichische Nationalbank (OeNB).

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Trader Dan's Market Views: Gold Clears Chart Resistance in Light Volume Holiday Trade

Trader Dan's Market Views: Gold Clears Chart Resistance in Light Volume Holiday Trade | Gold and What Moves it. | Scoop.it

Dan Norcini writes:

 

"Gold has breached overhead chart resistance centered near the $1740 level in extremely light holiday trade. One thing to keep in mind about this is that pit locals are notorious for using these ultra thin trading conditions to go hunting for upside or downside stops. Since there is not the depth of liquidity that is normally present in the market, resistance to their hunting party efforts is minimal.

 

"What this means for chart watchers is that one has to take the price movements with a bit of healthy skepticism. If the move is for real, it will hold on the resumption of trade during the next trading period. In our example - gold will need to remain above its breakout level of $1740 during both Sunday evening trade in Asia and during Monday trade here in the US.

 

"The same goes for silver. ..."

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Trader Dan's Market Views: Why not just cease and desist ALL TAXATION OF YOUR CITIZENS COMPLETELY

Trader Dan's Market Views: Why not just cease and desist ALL TAXATION OF YOUR CITIZENS COMPLETELY | Gold and What Moves it. | Scoop.it

Dan Norcini asks a great point:

 

"... I have a bit of counsel to the political and monetary authorities. Why not just cease and desist ALL TAXATION OF YOUR CITIZENS COMPLETELY. You obviously can conjure into existence, out of nothing, all the money that you need. Why bother taxing anyone? Just print what you need and end the illusion of possessing any sort of discipline or ethics altogether..."

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The Roadmap For $3,000+ Gold, $100+ Silver & 1,650 HUI

The Roadmap For $3,000+ Gold, $100+ Silver & 1,650 HUI | Gold and What Moves it. | Scoop.it

Ron Rosen tells King World News:

 

“Since the bull market in gold began in the year 2001, a new high took place at every LTD (Long-Term Delta) #4 high. All LTD #4’s were highs. Gold is now moving up to LTD #4 high due February 2014. If gold arrives on the due date and touches the upper trend line the price will be over $3,000 (the arrow in the chart below is pointing to a $3,000+ target for gold by February 2014). ..."

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Richard Russell - Attempts To Defeat Deflation As Money Dies

Richard Russell - Attempts To Defeat Deflation As Money Dies | Gold and What Moves it. | Scoop.it

Richard Russell tells King World News:

 

"I ask myself, why hold any dollars at all? What's the danger of holding everything in dollars? And my answer is -- when it comes to investing, nothing is certain. Sure, it looks as though Fed printing (now that Obama is in for another four years) will continue for the next four years or, at least, until Bernanke is convinced that he has defeated deflation.

 

"Wait, what could cause Bernanke to halt flooding the system with his fiat notes? I think runaway inflation in tangible goods and political pressure could halt the Fed's wholesale manufacturing of Fed notes. Scandalous bubbles might appear. Bubbles in college costs, bubbles in medical, bubbles in collectibles, bubbles, in insurance costs, bubbles in food prices, bubbles in energy costs, bubbles in consumer optimism. Of course, none of this would appear in the Labor Department's phony CPI statistics. As we all know, figures don't lie, but liars can figure.

 

"At any rate, I'm personally torn between putting all my assets into bullion gold coins or leaving half in gold and half of my assets in US dollars. Very frankly, I'm no longer even thinking of making money in the markets ..."

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Gold Confiscation - An Unlikely Scenario

Gold Confiscation - An Unlikely Scenario | Gold and What Moves it. | Scoop.it

by Alex Canahuate:

 

The specter of confiscation has haunted gold investors for some time, but with increasing persistence as a legitimate "recovery" fails to materialize.

 

".. Upon a more detailed review, it is obvious that the circumstances which precipitated the 1933 gold confiscation are not applicable today. While debt concerns were prevalent then -- and are even more so today -- the reality is that the government will always prefer to manipulate the fiat currency system rather than engage in the operational nightmare that would be a current-day gold confiscation. Besides difficulty, the government can affect economic changes via policy tweaks more surreptitiously than by using more overt measures like confiscation. In an era of record low Congressional approval and an atmosphere of political fatigue amongst the general public, the likelihood of our policymakers passing unpopular confiscatory policies remains unlikely at best.

 

"As I initially said, anything is possible. However, a more plausible concern is the adoption of exchange controls, which ultimately limit citizens' ability to move money and assets in and out of a country and currency. In a hypothetical, future environment of hemorrhaging dollar value and slumping demand, the U.S. government may find itself in a position where it has to implement exchange controls to keep Americans from dumping dollars in favor of other currencies and non-dollar denominated assets. ..."

 

 

Hat tip to Roger, https://twitter.com/MonetaAdvisors ;

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