binford xlRon Paul was on CNBC Wednesday, discussing the recent drama at the Federal Reserve of whether to taper or not to taper, as well as the recent smash in gold.
When asked about his view on gold after the recent correction Paul stated: “Gold is a real good long term identifier on the value of a currency and the value of our dollar… we’re printing money faster than EVER, and there’s pretty good evidence right now there’s a shortage of physical gold.
The former Republican Presidential candidate’s full interview with CNBC on The Fed & gold is below:

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    • I saw that comment as “misdirection”.  Bernanke knows full well what the relationship is between gold and the US dollar.  There are forces out there that are doing all in their power to delegitimize gold and its ownership.  These are the same forces that created and support fiat currency and this definitely includes the Fed.  Ridicule and other ad hominem attacks are the usual media tools.  When gold drops, we see MUCH media attention focused on gold and gold stocks.  When gold rises, it is mentioned a time or two and then they move on to more paper investment coverage.  In many cases, CNBC and its guests will talk about physical gold and the GLD ETF as if they were interchangeable.  10 oz. of physical gold is NOT the same as an equivalent dollar amount of GLD shares, yet it is presented as if it was.  When gold rose 600% from year 2000 to year 2011, the media barely mentioned this fact.  Had a stock done that, there would have been an orgy of “information” presented on it… such as has been done with Apple Computer.

  1. Sure “nobody understands the price of gold” then listen to these paper traders talk price!  What “nobody understands” (and what Ben will not explain) is exactly how the paper price is allowed to push around the physical price.  These people understand it, exactly.  But if they were to be honest about, criminal manipulation is not something you can openly admit in public.

    • Precisely, Mary.  Gold and silver are money and paper is not.  Paper does not have the attributes of money.  The Coinage Act of 1792 clearly defines a US dollar as 371.25 grains of fine silver, yet we now cannot exchange a paper dollar for ANY silver, as we could back in the days prior to the mid-1960s.  What we can do, of course, is to trade a lot of paper dollars for silver coins, rounds, and bars.  A Federal Reserve Note, however, is not even defined anywhere as money, let alone as having any equivalent value in silver.
       

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