Is bullion on the rise?
*Texas Straight Talk, by Congressman Ron Paul, October 1, 2012:
''Why is gold good money? Because it possesses all the
monetary properties that the market demands: it is divisible, portable,
recognizable and, most importantly, scarce - making it a stable store
of value. It is all things the market needs good money to be and has
been recognized as such throughout history. Gold rose to nearly
$1800 an ounce after the Fed's most recent round of quantitative easing
because the people know that gold is money when fiat money fails.
Central bankers recognize this too, even if they officially deny
it. Some analysts have speculated that the International Monetary
Fund's real clout is due to its large holdings of gold. And
central banks around the world have increased their gold holdings over
the last year, especially in emerging market economies trying to
protect themselves from the collapse of Western fiat currencies.
Fiat money is not good money because it can be issued without limit and
therefore cannot act as a stable store of value. A fiat monetary system
gives complete discretion to those who run the printing press, allowing
governments to spend money without having to suffer the political
consequences of raising taxes. Fiat money benefits those who
create it and receive it first, enriching government and its
cronies. And the negative effects of fiat money are disguised so
that people do not realize that money the Fed creates today is the
reason for the busts, rising prices and unemployment, and diminished
standard of living tomorrow.''
*This information is solely a highlight of the opinion of a third-party publication and is incomplete. Please subscribe to this publication for the full and timely opinion of the author and call a Monex Account Representative for any additional up-to-date information. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.
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