Gold

Ron Paul Says Bitcoin Could be the “Destroyer of the Dollar”

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Personally, I wouldn’t put it that way. The dollar is being destroyed by the Federal Reserve. Bitcoin is merely a preferred conduit through which fed up citizens decide to express their displeasure with the incredibly corrupt corporatist-facist state being shoved down our throats by a handful of insane and greedy oligarchs. Interesting comments nonetheless. From CNN Money:

Imagine a world in which you can buy anything in secret. No banks. No fees. No worries inflation will make today’s money worth less tomorrow.

The digital currency Bitcoin promises all these things. And while it’s far from achieving any of them — its value is unstable and it’s rarely used — some have high hopes. 

“There will be alternatives to the dollar, and this might be one of them,” said former U.S. congressman Ron Paul. If people start using bitcoins en masse, “it’ll go down in history as the destroyer of the dollar,” Paul added.

It’s unlikely that Bitcoin would replace the dollar or other government-controlled currencies. But it could serve as a kind of universal alternative currency that is accepted everywhere around the globe. Concerned about the dollar’s inflation? Just move your cash to bitcoins and use them to pay your bills instead. Tired of hefty credit card fees? Bitcoin allows transactions that bypass banks.

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Is Venezuela Selling Gold to Goldman Sachs?

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The following article was published in the Venezuelan newspaper El Nacional, and it appears to imply that the struggling South American nation has agreed to sell or swap the gold it still holds overseas at the Bank of England to Goldman Sachs.

This is one of the major problems with gold. Despite what some may say, it is probably the most manipulated asset on the planet. Given the fact that so much of the gold is in the hands of sovereign nations and Central Banks that can be pressured by the U.S. empire, this is what happens. In fact, as I have said on many occasions, many of the Central Bank purchases we hear about do not consist of countries actually moving gold to within their borders, but rather just paper purchases. This does nothing to tighten supply/demand for gold. The main countries who’s Central Banks actually appear to buy and deliver gold within their borders are China, Russia, Iran, and well, Venezuela. Until that changes, gold will be relatively easily manipulated, which is exactly why I support Bitcoin and why is taking off as it has.

From a sentiment perspective I think gold is buy, but personally I am waiting to see if we get one more major flush.

Here are excepts from the article courtesy of GATA. I believe it is a google translation and the actual sourced article in Spanish can be found here.

Venezuela’s Central Bank and Goldman Sachs are ready to sign an agreement to swap or exchange international gold reserves, with a start date in October, as stated in the contract, and until October 2020.

The negotiated amount, equivalent to 1.45 million ounces of gold, are deposited in the Bank of England and the transfers are made directly to Goldman Sachs once delivery times are stipulated.

The operation involves the delivery of gold from the central bank, which will receive dollars from the U.S. firm. The transactions are made through the creation of a financial instrument that is traded in the international market.

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My Recent Webinar with TF Metals Report

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It’s been a little while since I joined the always witty and entertaining Turd Ferguson of TF Metals Report for an interview. Last week, we sat down and conducted a webinar where the site’s premium subscribers we able to ask me on the spot questions on pretty much any topic they could think of. It … Read more

Indian Temples Fight Back Against Government Gold Grabbing Plot

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The following article from Reuters is a follow up to a topic I have explored on various occasions in the past. Namely, how an inept Indian government is attempting to use the age old tactic of scapegoating in order to deflect attention away from its widespread policy failures. In the case of India, the target is gold. It’s a logical target for any crony Indian bureaucrat or Central Banker to go after. Wealth confiscation is a tried and true method historically used by corrupt elites to stay in power, and there is plenty of gold floating around the subcontinent. Easy pickings…or so they thought.

It appears some of the temples are now drawing a line in the sand, and are in fact refusing to provide details about their holdings. Other temples are a bit more compliant. From Reuters:

The central bank, which has already taken steps that have slowed to a trickle the incoming supplies that have exacerbated India’s current account deficit, has sent letters to some of the country’s richest temples asking for details of their gold.

It says the inquiries are simply data collection, but Hindu groups are up in arms.

“The gold stored in temples was contributed by devotees over thousands of years and we will not allow anyone to usurp it,” said V Mohanan, secretary of the Hindu nationalist Vishwa Hindu Parishad organisation in Kerala state, in a statement.

Guruvayur temple, in Kerala, one of the most sacred in India and boasting a 33.5-metre (110-ft) gold-plated flagstaff, has already told the Reserve Bank of India (RBI) it won’t divulge any details.

“The gold we have is mostly offered by the devotees. They would not like the details to be shared with anybody,” said V M Gopala Menon, commissioner of the temple’s administrative board.

The head of the Hindu nationalist main opposition Bharatiya Janata Party (BJP) in Kerala state, V Muralidharan, said the RBI wanted to “take possession” of the gold and maybe sell it for dollars.

Sounds like a brilliant plan. Take wealth that was accumulated over thousands of years and sell it for an electronic unit of exchange that Ben Bernanke can create in infinite quantities with a single keyboard stroke.  Can people possibly be this stupid?

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Peter Schiff Was Right Part Deux: The “Taper” Edition

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For those of you who remember the months following the 2008 financial crisis, one of the most viral videos out there (it has over 2 million views) was the “Peter Schiff Was Right” compilation. It consists of various clips of Mr. Schiff being prescient about the financial condition of the U.S., as talking heads on … Read more

A Chat in NYC with Adam Levine – Part 1

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One of the best parts about the Inside Bitcoins Conference in NYC last week was the opportunity to meet so many interesting, dedicated and fascinating minds. Adam Levine, host of Let’s Talk Bitcoin is one of them. This is how I described Adam in my conference summary: Adam B. Levine – YouTube is Broken Adam … Read more

Inaugural Interview with Jay Taylor

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This past Tuesday, I had the distinct pleasure of being interviewed by mining analyst, radio show host, liberty lover and all around great guy Jay Taylor. While I had heard of Jay before since we have mutual friends and contacts, I never had the chance to meet Jay until the Liberty Mastermind Conference late last … Read more

New Interview with Gold Money: Tear Down Those Pyramids!

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It’s only been a few hours since my interview with Gold Money News’ Félix Moreno was posted to youtube, but I’ve already experienced a flood of positive feedback.  It’s almost impossible to fathom the tremendous ground covered.  We start off discussing some of the more interesting aspects of my time on Wall Street (a topic I … Read more

The Liberty Mastermind Conference: Less than 2 Weeks Away!

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The Liberty Mastermind Conference is now very close at hand, and everyone involved is extremely excited to meet each other, interact with the attendees and share ideas about how to restore freedom and the rule of law to this once great nation.  As a reminder, the conference will be held in Dallas the weekend of … Read more

New Interview with Future Money Trends: Financial Markets Update and the Liberty Mastermind Conference

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It’s been a while my last interview with Future Money Trends, so this should be a real treat. As my regular readers know, I rarely write about the financial markets any longer.  The main reason is that I have shifted my focus into a much broader area of activism against the cancerous system we live … Read more