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Devaluation of Currency
August 9, 2023

Why is gold the hot market, and why is the public missing it?

Dow Theory Letters, Richard Russell in
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“Aside from oil, gold is where the action is. The high close for Feb. gold was struck on December 12 at 531.50. I’m writing this prior to the close, but Feb. gold is up 11.50 at 530.30 as I write. There seems to be an almost built-in skepticism towards gold, no matter where it goes. If gold advances, it’s the “speculators” manipulating the metal higher” If gold declines, “gold is just a commodity, and commodities are dangerously tricky and volatile.”

As far as I’m concerned, the more skepticism, the better. The public is either ignorant or oblivious of the entire gold bull market. The pros and a few mutual funds may buy a little gold “because it may go higher.” As for the fundamentals of gold, the pros are as clueless as the crowd. Two generations of brain-washing and shameful propaganda by the central banks of the world has worked to keep the public totally ignorant of the concept of money.

I read over and over that “there’s no inflation, so gold has no real reason to rise.” Gold isn’t rising on the US inflation statistics. Get real — gold is rising because the central banks of the world are destroying what’s left of paper money. “Competitive devaluations” is the name of the game.

And another thing — didn’t Alan Greenspan claim that the Fed acts just as if our dollars were still backed by gold? Sure he did. If the Chairman of the Federal Reserve can, with a straight face, hand out that kind of bullshit, how can we expect the citizens of this great country to understand anything about the money they work so hard for?”

*This information is solely an excerpt of a third-party publication and is incomplete. Please subscribe to the referenced publication for the full article. 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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