‘Barbarous Times’ Ahead
Some call gold a ‘barbarous relic,’ after famed economist John Maynard Keynes used this term to describe the gold standard in the first half of the 20th century.
They’re right. Gold is a barbarous relic, but these are also ‘barbarous times’…
In the middle of this jungle of jaundiced analysis…and jumble of misapplied facts… there is an elephant in the room.
A golden elephant – with enough time and patience, it’s mysteriously invisible presence in plain sight will be made apparent to all.
The theme of China’s(or if you like –Asia’s) growing gold purchases has taken on a life of its own in the gold community… the jist of which is that every ounce of gold which goes from west to east serves to strengthen the price of gold in western markets, and ultimately, bring about that hallelujah moment that westerners have been impatiently waiting for – when the POG skyrockets… to the sound of goldbugs popping champagne corks!
This post is about correcting that narrative… so that western precious metals investors can be better served, by more accurate information.
Jim Rogers on whether he agrees with mainstream economists purporting gold as a “barbaric relic”:
It does not matter what they or I think. The majority of mankind has accepted it for centuries and will continue to do so. I had rather go along with the vast number of “barbarians” than a few Ivy League professors.
A recent Chairman of that private corporation in control of the finances – perhaps even, the destiny – of the USA for the past 100 years, famously referred to the yellow metal as “a barbarous relic”. Although this Ph’d prophet of policy-managed markets has hardly been a fount of wisdom in the course of his career… in this case he stumbled upon a truth.
Yes. Bernake got it right! Gold has all the attributes of a primitive thing – and as such belongs in essence to a different cycle in humankinds’ journey. In fact, it’s the very primitive nature of gold [& silver] which renders it a potentially deadly kryptonite to the modern financialized world.
If you pulled the curtain back and saw the world’s central bankers running around contradicting each other and in outright panic which would you do: A. keep your savings in the banking system? B. set up a Bitcoin account? C. “nothing” because the government won’t let anything bad happen? D. have some of your (most of your ) wealth in a proven money that has lasted through all failures of all empires and been accepted as payment basically since the beginning of written history? It’s on sale now folks AND there is still availability! I suspect that availability will become a problem at some point this year…then price will not matter as the price of gasoline doesn’t matter to a stranded motorist!