Today’s AM fix was USD 1,548.00, EUR 1,186.30 and GBP 1,008.60 per ounce.
Yesterday’s AM fix was USD 1,555.75, EUR 1,189.59 and GBP 1,012.20 per ounce.
Gold rose $2.50 or 0.16% yesterday to $1,561.00/oz and silver climbed to $27.84 and finished +0.07%.
Cross Currency Table – (Bloomberg)
Gold is down by 2.2% in dollar terms for the week after denied reports regarding Cyprus being forced by the EU and ECB to sell [...]
FDR’s Gold Confiscation, 80 Years On
by Ben Traynor, BullionVault
Thursday, 4 April 2013
“I, Franklin D Roosevelt…do declare that said national emergency still continues to exist and…do hereby prohibit the hoarding of gold…”
EXECUTIVE ORDER 6102, issued by US president Franklin Delano Roosevelt 80 years ago, on April 5th 1933, banned private gold ownership in the United States, forcing gold owners to take their bullion to a bank and exchange it for Dollars at [...]
America’s ‘invincible’ city brought to its knees by poverty, violence
In America’s most dangerous and poorest city, Camden, N.J., bullet holes are visible in a church’s stained glass window, crosses commemorating the murdered line the outside of city hall and the police staff is so outnumbered and outgunned, drug deals occur in the open. Rock Center’s Brian Williams visits Camden and talks to those fighting to turn around the forgotten city.
Druckenmiller: ‘Interest On The Debt Is Going To Kill Us’
Hedge fund legend Stanley Druckenmiller on exploding debt interest.
Two short highlight clips from Druckenmiller’s rare interview last week on CNBC
WSJ Editorial By Druckenmiller…
Here’s a chart of interest paid on the U.S. national debt.
Interestingly, we have already paid $150 billion for fiscal 2013.
Central Banks Cannot Create Wealth, Only Liquidity
However, central banks can only create liquidity, not wealth. If printing money were equivalent to creating wealth, then [...]
September 7th, 2012
Given that tens of millions of Americans cheered in blissful agreement when a Democratic National Convention promotional video claimed that the only thing we all belong to is the government, it would make perfect sense that everything else belongs to the government as well.
Case in point:
In July of 2011 a jeweler’s heirs found ten double eagle $20 gold coins in a family safe that dated back to the Roosevelt administration. [...]
Gold may not be ‘Money‘ to the Chairman, but it sure is to Turkey. The WSJ Reports that “The Turkish government, facing a bloated current-account deficit that threatens to derail the country’s rapid expansion, is trying to persuade Turks to transfer their vast personal holdings of gold into the country’s banking system.” The reason: “The push to tap into the individual gold reserves—the traditional form of savings here—is part of Ankara’s efforts to reduce a [...]
October 12, 2011
Much has been offered in the way of opinion on the matter of a potential gold confiscation, but too little of it is well-researched, well-informed and grounded in a true understanding of the laws and regulations involved. Below Mr. Ganz applies his considerable expertise and unique perpsective to the mysteries surrounding gold confiscation, unravels past legal precedent, and offers some practical [...]
The spam standard is ending. In news that is likely about to throw the mouth-foaming Keynesians in for a perpetual loop, the Russian Central Bank has quietly announced the sneakiest gold confiscation ploy in history. Reuters reports: “Russia’s central bank will offer gold-backed loans for up to 90 days at an interest rate of 7 percent, it said in a statement on Friday, expanding [...]
Mike Maloney contends that if President Obama signed an executive order to confiscate or nationalize private citizen’s gold, the dollar would end up plunging to worthlessness. In other words, the chances are very remote.