Thursday, November 18, 2004
Gold past $445 on sharp drop in dollar
SAN FRANCISCO (CBS.MW) -- Gold futures closed above $445 an ounce Wednesday, enforcing their position at levels last seen more than 16 years ago as the U.S. dollar lodged a steep decline.
"This is a very fertile environment for gold prices to appreciate," said Person, adding that he continues to believe prices will reach $475 by year's end, 6.7 percent higher than its current level. [CBS]
I was wondering why all the retailers put the Christmas stock out early in November.
Senate OKs $800B Debt Limit Hike [link]
That should get us through to January 20th. No need to raise taxes; We’re inflatable.
The Coming Currency Shock
The reason for the collapse is the huge stock of reserve currency held by foreigners. When other countries conclude that their hoards of dollars represent claims that the US cannot meet, dollar dumping begins. Financing for US debt dries up; interest rates rise; imported goods become unaffordable and living standards fall. [counterpunch]
We have been betrayed by those who were trusted to be bound by oath or affirmation to support, obey and defend the Constitution of the United States of America, but not one of those representatives in the State of Utah or the United States of America have lived up to that oath or affirmation, or in any other State have lived up to their solemn promise before God. They won’t even read the Constitution and then live by it. They are bent on finding ways to evade the very plainest of “words and phrases”
“No state shall…make any Thing but gold and silver Coin a Tender in Payment of Debts” does not mean No state shall make any Thing but gold and silver Coin a Tender in Payment of Debts, they say. It means, they say, that no one is bound to uphold the words of the Founding Fathers, because they did not understand what they were saying. They did not know how enlightened their posterity would become, so wise, so honest and so good, they would be able to make counterfeiting into an honorable profession. Hard work is no longer necessary. We can print our way into wealth. We don’t need to use gold and silver coin. It is far too costly to use as money. Look how cheaply and inexpensively we can make “money.” We have learned how to make money out of thin air. We just make a bookkeeping entry here and a bookkeeping entry there and we can create enough wealth to buy the whole world.
If you haven’t got your Thanksgiving turkey yet, you might be too late. All the turkeys have been sent back to Washington along with a bunch of pork, so get your Christman ham early.
Oh, and don’t worry about keeping warm this winter. There will be money to burn in the fireplace.
Have a nice holiday season.