From Peter Reagan
This week, Your News to Know rounds up the latest top stories involving gold and the overall economy. Stories include: A history lesson about inflation, silver short and long-term forecasts, and gold isn’t budging from its role as a portfolio stabilizer.
Gold Was the Number One Asset of the 1970s
For as much as we struggle to compare present day to any point in U.S. history, the 1970s to early 1980s are an almost eerily accurate parallel. People on the street didn’t have a smartphone in their hands, and mail took a bit longer to arrive. But the economic conditions are all here.
We had just abolished the gold standard, causing massive U.S. dollar debasement. An oil supply crisis shook the world. Monetary policy was loose and the government racked up massive amounts of debt. Sound familiar? Take away the gold standard bit, and it’s very much a description of the current state of affairs. But, believe it or not, things are even worse this time around.
Saying that unemployment isn’t as bad now as it was then is only a matter of perspective. Past that, the economy is considerably worse off. It’s not just oil that’s causing supply crises, with the global reliance on China’s electronics coming to be a particular point of concern. The nominal interest rate during the period was 13% compared to 1% today, yet inflation rates are shoulder-to-shoulder. If the benchmark rates were the other way around, analysts would probably be talking about an unprecedented economic boom.
We have all-time highs for corporate borrowing, household debt and sovereign debt. The latter is quite something, having recently climbed to $30 trillion, or 130% of the nation’s economy. As for dollar devaluation, saying that 80% of all dollar bills were printed within two years should suffice. So what did investors like back then, and how did it perform?
Then, like now, gold was a top investment. It started the 1970s off at $35 and ended the decade at $850. Back when the bond market was still considered a viable option, we’d often hear how high yields make gold unattractive, as it supposedly has no yield. Never mind comparing it to a high-risk, high-reward asset like stocks.
As it turns out, the S&P 500 Index gained 178% between December 1999 and April 2022, while gold gained 530% during that timeframe. Much of stocks’ seeming outperformance is tied to last decade’s bull market, the longest one in history, which is now crumbling on all fronts. As for safe-haven gold, it seems that it’s business as usual.
The Silver Institute sees higher prices and higher demand – this year and beyond
These days, we’re wondering if silver can hold the $22 level. Virtually everyone agrees that the metal is undervalued. Bank of America, for example, expects it to climb to $30 before the end of the year. In its latest report, The Silver Institute outlined why silver’s valuations continue to stand out as unreasonable given its backdrop.
Last year, silver demand hit a six-year high. Every single sector that uses silver, from industry to investment, saw increased demand. Projections for this year state demand will increase by an additional 5% compared to a 3% increase in supply. So long as green energy is a theme, copious silver use in manufacturing will be, too.
But The Silver Institute has other interesting sources of demand that could come to prominence in the long-term. One of them is medicine. It goes without saying that modern medicine leaves many wanting, and the use of antibiotics is one of 30 trillion examples why. As the medical complex grows increasingly reliant on antibiotics, we’re seeing them perform worse and worse. Whether one wants to call it antibiotic-resistant disease or simply faulty medicine, there is clearly room for improvement. And healthcare specialists are eyeing silver as a possible replacement.
As the report notes, there is growing interest in silver antimicrobial coatings, and not just as a highly experimental treatment. The market for antimicrobial ointments amounted to $3.9 billion last year, projected to rise to $6.4 billion by 2026. In this group, silver ointments are expected to see the fastest increase.
A more experimental use of silver comes in the form of the Electroninks aerosol jet printing product, which uses silver to print images in much higher resolution than is currently available. It seems to have attracted the attention of those with ties to U.S. national security, and we know that the military doesn’t exactly have budget constraints.
Money manager: Don’t sleep on gold as stagflation risk grows
Axel Merk, President and Chief Investment Officer of Merk Investments, spoke to Kitco about gold’s current state in the face of a hawkish Federal Reserve. So far, the tightening schedule has gone well. One imagines it’s because there has only been so little time to feel its ill effects. Yet the markets hardly need more than a slight reassurance by the Fed to jump on optimism.
The $1,850 level is disappointing some who expected gold to already be past $2,000 and worrying others who think it might go lower. As always, the broader picture is what gold investors should be focusing on. And as Merk notes, it couldn’t be more favorable for gold. Merk sees a growing risk of stagflation as the Fed remains behind the inflation curve with no clear idea on how to catch up.
Merk also spoke about shifting geopolitical trends, with nations attempting to establish their own supply chains and lessen reliance on global commerce. How this plays out remains to be seen, but where there are policy experiments, inflation is usually within arm’s reach… As Merk puts it:
When you are in a mess like we have, we will get erratic policies, so it might be good to have some diversification, some stability in your portfolio.
These experiments, starting with those by the Fed, should be reason enough for anyone to hold a sizeable gold allocation. Merk reiterated that the metal is a defensive asset and that, despite price fluctuations, it’s still doing exactly what it’s supposed to.
With global tensions spiking, thousands of Americans are moving their IRA or 401(k) into an IRA backed by physical gold. Now, thanks to a little-known IRS Tax Law, you can too. Learn how with a free info kit on gold from Birch Gold Group. It reveals how physical precious metals can protect your savings, and how to open a Gold IRA. Click here to get your free Info Kit on Gold.
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Am I the only one who recognizes these long winded gold commercials masquerading as legitimate commentary within the first paragraph? Am I also the only one who finds it ‘cheap’ and annoying?
You can also always just scroll right to the end, and when there’s a ‘click here to insert yourself into our sales pipeline!’ at the bottom you pretty much know what you’re going to read and you can just skip it.
Pathetic.
Website owners have to eat too.
But no. Not the only one.
Easy solution fuckwad. Don’t fucking read it. But instead, you are such a moran that you waste your “valuable” time writing a two paragraph comment.
Now that’s pathetic. Fuck off.
Another simple solution if they’re so bothersome is not read them.
Easy peasy.
That’s what I do.
If you don’t already own some Phyz -even without commercials for it-, there is no hope for you.
Not a word from The Burning Platform that this essay is written by a gold selling group. Wonder how must they paid for this unlabeled advertisement. Keep donating. This site is becoming no different than CNN, up for sale to the highest bidder.
Go eat a bag of dicks.
A duffle bag.
Go fuck yourself and don’t let the door hit you in the ass on the way out.
Are you such a dullard that you can’t see at the very top of the article:
VIA BIRCH GOLD GROUP
I really need an IQ test before I let literal retards comment.
Yet here you are…..
Food. It’s the new gold.
Gold, silver, and other precious metals have long been a store of wealth for mankind—from the most ancient civilizations to the modern day. And throughout the centuries, lots and lots of people have talked about it.
1. “Gold was a gift to Jesus. If it’s good enough for Jesus, it’s good enough for me!” – Mr. T
2. “I like gold because it is a stabilizer; it is an insurance policy.” – Kevin O’Leary
3. “The finest compliment you can pay a man is that his word was as good as gold.” – Evel Knievel
4. “They don’t give you gold medals for beating somebody. They give you gold medals for beating everybody.” – Michael Johnson
5. “Gold is forever. It is beautiful, useful, and never wears out. Small wonder that gold has been prized over all else, in all ages, as a store of value that will survive the travails of life and the ravages of time.” — James Blakeley
6. “Because gold is honest money it is disliked by dishonest men.” – Ron Paul
7. “Gold will be around, gold will be money when the dollar and the euro and the yuan and the ringgit are mere memories.” — Richard Russell
8. “We have gold because we cannot trust governments.” ― Herbert Hoover
9. “There can be no other criterion, no other standard than gold. Yes, gold which never changes, which can be shaped into ingots, bars, coins, which has no nationality, and which is eternally and universally accepted as the unalterable fiduciary value par excellence.” – Charles de Gaulle
10. “When paper money systems begin to crack at the seams, the run to gold could be explosive.” — Harry Browne
11. “A US dollar is an IOU from the Federal Reserve Bank. It’s not backed by gold or silver. It’s a promissory note that doesn’t actually promise anything.” – P. J. O’Rourke
12. “As good as gold.” — Charles Dickens
13. “Gold is still the ultimate store of wealth. It’s the world’s only true money. And there isn’t much of it to go around. All of it ever mined would fit into a small building—a 56 foot cube. The annual world production would fit into a 14 foot cube, roughly the size of an ordinary living room. If each Chinese citizen were to buy just one ounce, it would take up the annual supply for the next 200 years.” – Mark Nestmann
14. “My advice to you, my violent friend, is to seek out gold and sit on it.” ― John Gardner
15. “My mother might find a thin gold chain at the back of a drawer, wadded into an impossibly tight knot, and give it to me to untangle. It would have a shiny, sweaty smell, and excite me: Gold chains linked you to the great fairy tales and myths, to Arabia, and India; to the great weight of the world, but lighter than a feather.” – Anne Lamott
16. “The world’s central banks and the International Monetary Fund still have vaults full of bullion, even though currencies are no longer backed by gold. Governments hold on to it as a kind of magic symbol, a way of reassuring people that their money is real.” – James Surowiecki
17. “If you trade in paper, the notion of many who trade gold…if the financial world comes to an end, they’re going to have the gold. If you’re playing in ETFs, you’re going to have a piece of paper.” – Rick Santelli
18. “The great merit of gold is precisely that it is scarce; that its quantity is limited by nature; that it is costly to discover, to mine, and to process; and that it cannot be created by political fiat or caprice.” — Henry Hazlitt
19. “Governments lie; bankers lie; even auditors sometimes lie: gold tells the truth.” – William Rees Mogg
20. “To prefer paper to gold is to prefer high risk to lower risk, instability to stability, inflation to steady long-term values, a system of very low-grade performance to a system of higher, though not perfect, performance. — William Rees-Mogg
21. “Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves.” – Norm Franz
22. “Never trust money more than gold.” ― Toba Beta
23. “The desire for gold is the most universal and deeply rooted commercial instinct of the human race.” – Gerald M. Loeb
24. “The desire of gold is not for gold. It is for the means of freedom and benefit.” ― Ralph Waldo Emerson
25. “You have to choose [as a voter] between trusting to the natural stability of gold and the natural stability of the honesty and intelligence of the members of the Government. And, with due respect for these gentlemen, I advise you, as long as the Capitalist system lasts, to vote for gold.” – George Bernard Shaw
26. “Gold would have value if for no other reason than that it enables a citizen to fashion his financial escape from the state.” — William F. Rickenbacker
27. “Like Liberty, gold never stays where it is undervalued.” — John S. Morrill
28. “It is extraordinary how many emotional storms one may weather in safety if one is ballasted with ever so little gold.” — William McFee
29. “Though wisdom cannot be gotten for gold, still less can it be gotten without it.” — Samuel Butler
30. “O Gold! I still prefer thee unto paper, Which makes bank credit like a bark of vapour.” – Lord Byron
31. “Truth, like gold, is to be obtained not by its growth, but by washing away from it all that is not gold.” – Leo Tolstoy
32. “Gold opens all locks, no lock will hold against the power of gold.” – George Herbert
33. “Gold—what can it not do, and undo?” – William Shakespeare
34. “Pure gold does not rust. Only gold alloys do so. You may have golden dreams. But if you go in the company of toxic people, you become “a gold alloy” and what that means is that you can rust at any time!” ― Israelmore Ayivor
35. “The beauty about gold, though, is that in all states from uncertainty to conviction, it never for once gives up its lustre.” ― Ufuoma Apoki
36. “I did not know that mankind were suffering for want of gold. I have seen a little of it. I know that it is very malleable, but not so malleable as wit. A grain of gold will gild a great surface, but not so much as a grain of wisdom.” ― Henry David Thoreau
37. “Betting against gold is the same as betting governments. He who bets on governments and government money bets against 6,000 years of recorded human history.” — Gary North
38. “Even during the period when Rome lost much of her ancient prestige, an Indian traveler observed that trade all over the world was operated with the aid of Roman gold coins which were accepted and admired everywhere.” — Paul Einzig
39. “If ever there was an area in which to do the exact opposite of that which government and the media urge you to do, that area is the purchasing of gold.” — Robert Ringer
40. “Bitcoin is not an actual physical coin, and if computers are shut down, you can’t buy or sell them. That’s why nothing will ever replace gold and silver coins themselves, and all investors should have them at home or in a safe deposit box.” – Mark Skousen
41. “Commodities such as gold and silver have a world market that transcends national borders, politics, religions, and race. A person may not like someone else’s religion, but he’ll accept his gold.” – Robert Kiyosaki
42. “Gold is valuable everywhere in the world and is not dependent on political systems, any specific government policy, or set of policies.” – Roy Sebag
43. “Gold has intrinsic value. The problem with the dollar is it has no intrinsic value. And if the Federal Reserve is going to spend trillions of them to buy up all these bad mortgages and all other kinds of bad debt, the dollar is going to lose all of its value. Gold will store its value, and you’ll always be able to buy more food with your gold.” – Peter Schiff
44. “If the world does well, gold will be fine. If the world doesn’t do well, gold will also do fine…but a lot of other things could collapse.” – Thomas Kaplan
45. “If you want an alternative currency, check out gold. It has stood the test of thousands of years as a store of value and medium of exchange.” – Paul Singer
46. “Until government administrators can so identify the interests of government with those of the people and refrain from defrauding the masses through the device of currency depreciation for the sake of remaining in office, the wiser ones will prefer to keep as much of their wealth in the most stable and marketable forms possible—forms which only the precious metals provide.” — Elgin Groseclose
47. “If you don’t trust gold, do you trust the logic of taking a beautiful pine tree, worth about $4,000 – $5,000, cutting it up, turning it into pulp and then paper, putting some ink on it, and then calling it one billion dollars?” — Kenneth J. Gerbino
48. “Those entrapped by the herd instinct are drowned in the deluges of history. But there are always the few who observe, reason, and take precautions, and thus escape the flood. For these few gold has been the asset of last resort.” — Antony C. Sutton
49. “Gold and silver, like other commodities, have an intrinsic value, which is not arbitrary, but is dependent on their scarcity, the quantity of labour bestowed in procuring them, and the value of the capital employed in the mines which produce them.” – David Ricardo
50. “In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.” – Alan Greendiv
51. “Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights.” — Alan Greendiv
52. “A gold standard doesn’t imply stability in the prices of the goods and services that people buy every day, it implies a stability in the price of gold itself.” – Ben Bernanke
53. “Gold is money. Everything else is credit.” – J. P. Morgan
54. “For more than two thousand years, gold’s natural qualities made it man’s universal medium of exchange. In contrast to political money, gold is honest money that survived the ages and will live on long after the political fiats of today have gone the way of all paper.” — Hans F. Sennholz
55. “No other commodity enjoys as much universal acceptability and marketability as gold.” — Hans F. Sennholz
56. “The gold standard sooner or later will return with the force and inevitability of natural law, for it is the money of freedom and honesty.” — Hans Sennholz
57. “With the exception only of the period of the gold standard, practically all governments of history have used their exclusive power to issue money to defraud and plunder the people.” — F.A. Hayek
58. “Borrowers will default. Markets will collapse. Gold (the ultimate form of safe money) will skyrocket.” — Michael Belkin
59. “The gold standard makes the money’s purchasing power independent of the changing ambitions and doctrines of political parties and pressure groups. This is not a defect of the gold standard; it is its main excellence.” — Ludwig von Mises
60. “Although gold and silver are not by nature money, money is by nature gold and silver.” – Karl Marx
61. “In reality, there is no such thing as an inflation of prices, relatively to gold. There is such a thing as a depreciated paper currency.” – Lysander Spooner
62. “Because silver and gold have their value from the matter itself, they have first this privilege, that the value of them cannot be altered by the power of one, nor of a few commonwealths, as being a common measure of the commodities of all places. But base money may easily be enhanced or abased.” – Thomas Hobbes
63. “O Zeus, why is it you have given men clear ways of testing whether gold is counterfeit but, when it comes to men, the body carries no stamp of nature for distinguishing bad from good.” ― Euripides
64. “I see a great future for gold and silver coins as the currency people may increasingly turn to when paper currencies begin to disintegrate.” — Murray Rothbard
65. “Gold is not necessary. I have no interest in gold. We’ll build a solid state, without an ounce of gold behind it. Anyone who sells above the set prices, let him be marched off to a concentration. That’s the bastion of money.” — Adolf Hitler
66. “The Golden Rule: He who has the gold makes the rules.” – Attributed to a 1967 Wizard of Id comic strip
67. “Real gold is not afraid of the melting pot.” – Chinese Proverb
68. “If you are sick, think about your life; if you are better, think about your gold.” – Mongolian Proverb
69. “If speaking is silver, then listening is gold.” ― Turkish Proverb
70. “He fishes well who uses a golden hook.” – Latin Proverb
Today’s Top 12
1. Water
2. Food/Food Production
3. Shelter
4. Essentials
5. Guns/Ammo – Training – Defense/Offense Capabilities
6. Medical
7. Barter
8. Community/Tribe
9. Communication
10. Plan B & C
11. Silver (pre 64 junk dimes, quarters, & 1 oz. American Eagles)
12. Gold (only if you have wealth, buy it in all values from 1/10 of an ounce to 1oz.
Yea 11 and 12 may not be needed at first, but nothing lasts forever, including every single economic crash in history (this one coming is the EVERYTHING POP…but this too SHALL PASS).
Now, if you don’t have real wealth, and have not completed 1 through 11…in depth…you do not spend what you don’t have (wealth) on gold.
Precious metals are not ‘either or’ they are part of a complete Prep plan…AFTER THE TOP TEN ARE SECURED…and depending on your INDIVIDUAL situation.
“this too SHALL PASS”
sure. but keep in mind you are more likely to pass long before “the everything pop” does. and until then banditry will be the primary coin of the realm.
Are you kidding me g-man?
You know when I’m likely to die in relation to the EVERYTHING POP???
Do you not understand the indisputable historical legacy of the generational wealth of Gold and Silver?
It’s also called a ‘FAMILY LEGACY’ past yourself.
You don’t realize that the coin of Hell’s realm (banditry/rebellion) has always been deception…not prep/hard assets (with no counter party risk)?
Please revisit 1 through 12 – that will soon be past critical…outside of the ultimate spiritual asset/endgame/the real Everything…of salvation from Jesus the Christ…that is ETERNITY.
So the only thing you dispute about all I posted above is my longevity???
(Shrug) (Laugh)
That’s it g-man…that is your comeback…no snipe…just a down vote???
What about all those dangerous Right Wing Sheep Dog types with… (Gasp) GUNS!
Who are waiting to be armed bullies and take over after TSHTF…you like to harp on???
didn’t downvote you. seldom downvote anyone.
for someone who says g/s should be last you sure are taking talk contrary to the wonders of g/s personally.
Took care of 1-through 10 looooooooooog time ago…also understand PM/economic/fiat history…and how the repeating rhyme is about to be replayed devastating those who do not understand COUNTER PARTY RISK.
I would call it common sense preparation, insurance, and not a valuable but an invaluable family legacy.
That’s it…that is your comeback to 70 quotes…no snipe…just a down vote???
What about all those dangerous Right Wing Sheep Dog types with… (Gasp) GUNS!
Who are waiting to take over after TSHTF…you like to harp on???
didn’t downvote you. seldom downvote anyone.
for someone who says g/s should be last you sure are taking talk contrary to the wonders of g/s personally.
“What about all those dangerous Right Wing Sheep Dog types with… (Gasp) GUNS! Who are waiting to take over after TSHTF”
in invite everyone to look around at their groups and evaluate the mental state of their members for themselves.
“Then, like now, gold was a top investment. It started the 1970s off at $35 and ended the decade at $850”
now, unlike then, gold is mostly GLD. and there’s no more a limit to GLD printing than there is to dollar printing.
GLD, for all except the so called basket holders is no more than a bet placed in fiat to be paid in fiat on the price movement of Gold.
So you’re implying in the 1970s people were also buying mostly paper gold?
What were typical paper gold “investments” (name, symbol) at the time?
“Virtually everyone agrees that (silver) is undervalued.”
above ground quantity of gold: 4.5 billion ounces (maybe .5 billion ounces more from china’s production)
above ground quantity of silver at any given time: 1 billion ounces
Gold may be an interesting portfolio investment but when you will need to use it, you will find that you can’t eat it, you can’t defend your home with it, and you can’t cook your meals or heat your house with it. I wouldn’t want to trade food, other goods or services for it.
sell it to us
when he’s ready to sell it, you won’t be willing to buy it.
How can he sell something he doesn’t have?
If fjb doesn’t have any wealth…and he has foolishly ignored 1 through 11…. He will be in the predicament he is rightly afraid of.
If he has some excess wealth and doesn’t want to own any gold…that is ok too…I wish him the best.
Otherwise why grind the dull, repetitive ax in thread after thread, year after year???
Let me explain it to you for the 35th time g-man.
BUY GOLD IF YOU HAVE SOME EXCESS WEALTH…(number 12…or don’t) but don’t buy any unless you have 1 through 11. COMMON SENSE.
If you don’t have any EXCESS WEALTH don’t buy it…buy this…
1. Water
2. Food/Food Production
3. Shelter
4. Essentials
5. Guns/Ammo – Training – Defense/Offense Capabilities
6. Medical
7. Barter
8. Community/Tribe
9. Communication
10. Plan B & C
11. Silver (pre 64 junk dimes, quarters, & 1 oz. American Eagles)
One last time for the reading impaired…BUY SOME GOLD IF YOU HAVE SOME EXCESS WEALTH…or don’t…buy more of 1 through 10 or up to 11.
12. Gold (only if you have wealth, buy it in all values from 1/10 of an ounce to 1oz.
Precious metals are not ‘either or’ they are part of a complete Prep plan…AFTER THE TOP TEN ARE SECURED…and depending on your INDIVIDUAL situation and what YOU BELIEVE IS IN YOUR BEST INTERESTS.
“Otherwise why grind the dull, repetitive ax in thread after thread, year after year?”
because that’s how many people learn. you’re not the only one here.
So your two ax grinds are:
1. What about all those dangerous Right Wing Sheep Dog bully types with… (Gasp) GUNS!
Who are waiting to take over after TSHTF.
2. PMs are bad…stay with the Magic Fiat paper!
Is that what you are preaching?
Pay attention g-man…
GOLD PRICES – 100 YEAR HISTORICAL CHART
Interactive chart of historical data for real (inflation-adjusted) gold prices per ounce back to 1915. The series is deflated using the headline Consumer Price Index (CPI) with the most recent month as the base. The current month is updated on an hourly basis with today’s latest value. The current price of gold as of June 15, 2022 is $1,819.60 per ounce.
https://www.macrotrends.net/1333/historical-gold-prices-100-year-chart
SILVER PRICES – 100 YEAR HISTORICAL CHART
Interactive chart of historical data for real (inflation-adjusted) silver prices per ounce back to 1915. The series is deflated using the headline Consumer Price Index (CPI) with the most recent month as the base. The current month is updated on an hourly basis with today’s latest value. The current price of silver as of June 15, 2022 is $21.42 per ounce.
https://www.macrotrends.net/1470/historical-silver-prices-100-year-chart
“GOLD PRICES – 100 YEAR HISTORICAL CHART”
those are prices within an established and functioning economy.
but there’s not going to be an economy. money (of any kind) will not be relevant.
So you are saying we are going into Mad Max FOREVER…there is never going to be an established and functioning economy and money (not worthless currancy – WORDS MATTER – of any kind) will ever be relevant…anywhere…ever again???
You are saying that the last 5,000 years of PMs History is now over because of a gaggle of lost, hubris filled, over reaching, demonic Name Stealing, Luciferian banksters.
Go back to using ‘g-man’ ‘ran t 7’…that was more appropriate.
Do you presently accept dollars for those things?
he does. because there’s plenty to go around. but we’re entering a time when there will be little to go around, and no-one will be selling what they have, for dollars or gold.
Gold Was the Number One Asset of the 1970s
https://en.wikipedia.org/wiki/Gold_Reserve_Act
Must have been a little left. In fort Knox.
Roosevelt’s Gold? (By Don Stott@ http://www.coloradogold.com)
“Well, suppose they confiscate my gold just like Roosevelt did 75 years ago?” If I have heard that once, I must have heard it a hundred times. Did Roosevelt confiscate everyone’s gold back in 1933? If he did, how come there’s still a lot of it for sale in a thousand coin shops and numismatic dealers?
Let’s start at the beginning and see what really did happen. The first thing we must remember, is that America was in the midst of a severe depression, caused by loose money issued by the Federal Reserve, which they still are doing. There was such an enormous amount of “liquidity” floating around, as today, that everyone was buying stocks on margin of over 90% at times, which is not happening today. The stock market was on everyone’s lips and minds. Bootblacks and janitors were buying stocks. Stocks would supposedly go up forever, and there was no risk. Ha Ha. The market crumbled and crashed, leaving everyone out on the well known limb, owing for stocks which often times weren’t worth not much more than the paper on which they were printed. The result was that in fairly quick order, over 25% of the American work force was on the street selling apples, on the dole, or in bad shape in one way or another. Times were tough, to make it sound kind!
Roosevelt wanted to pull America out of the depression. He thought up all sorts of make-work schemes, and anything to put people to work. But he didn’t have any money. Remember, unlike now, the dollar was BACKED BY GOLD. He therefore needed all the gold he could get, so he could print more dollars to spend in placing more people in those make-work jobs. Everyone knew that gold and dollars were synonymous. Americans were carrying gold coins in their pockets just like they were money, which they were. Small, dime size gold coins were a dollar, and there were $5, $10 (Eagles) and $20 (double Eagles) coins in general circulation everywhere. Gold was money, dollars were money, and the two were the same. How could FDR get gold, so he could print more dollars to spend, to get us out of the depression?
He also had the farmers on his neck. They wanted higher prices for their crops, and there wasn’t any money around to give to them. On March 9th, 1933, FDR declared a “Bank Holiday,” with all the banks closed. Bank “runs” had posed another problem for the “New Deal,” as Roosevelt called his massive move towards abject socialism. People were closing their savings accounts and bouncing checks by the millions, just to survive in some cases. Today, we have millions of credit cards maxed out for the same reason. There was no FDIC then, so no savings account was insured. (Today, the FDIC has less than a nickel in its accounts for every $100 worth of insurance). Banks had made huge margin loans on now worthless stocks, and they had no money to pay for savings account closures. FDR allowed they could close for a ‘holiday,” so they could get their troops in order. Many didn’t, and never re-opened again. My Parents lost money in a bank which never re-opened.
Banks were in deep trouble. People were demanding their money, and the banks didn’t have any. There was no FDIC, and dollars were backed by gold. The treasury had to have gold to print more dollars to make everyone happy, banks whole, and to fund make-work projects. What to do? Get some gold! How? The mines were producing all they could, but more was needed. More dollars were needed for stuff that didn’t help get us out of the depression at all. Nothing Roosevelt did, got us out of the depression, or even help a bit. As a final effort, he outraged the Japanese enough that they bombed Pearl Harbor, and we were at war. The depression was over.
Roosevelt had the brilliant idea that he would order everyone to turn in their gold in exchange for paper dollars, which were backed by gold. On April 5, 1933, Roosevelt issued Executive Order # 6012, which ordered Americans to surrender their gold to the government by May 1st, 1933. Violations were to be subjected to a $1,000 fine and as much as ten years in prison. First of all, an Executive Order is not in the Constitution, and an Executive Order could never levy a $1,000 fine or ten years in the slammer! But Americans were broke, miserable, and that $20 gold piece they had squirreled away would buy a lot of food, with bread at less than a dime a loaf. Those who couldn’t afford to hold their gold, turned theirs in and received brand new paper dollars for their gold.
The gold allowed more dollars to be printed, which were foolishly used for nutty things, and none were of help in fighting the depression. A couple of days later, on May 7th, FDR had one of his “Fireside Chats” over radio, to soothe the American outrage. He said that if Americans continued to ‘hoard’ gold, there wouldn’t be any left, and therefore in the interest of fairness, government should own all of it, and use it wisely. Ever hear of such claptrap? Gold markets have existed for thousands of years, and gold has endlessly changed hands around the world! Smugglers and black markets in gold have flourished in times of war, peace, or dictatorships. FDR also persuaded Congress to wipe out the gold clause in existing contracts, which specified payments to be made in gold. In a Joint Resolution of June 5, 1933, all gold payments in existing contracts were made null and void. Even Congress, stupidly went along.
On January 31, 1934, Roosevelt signed into law the “Gold Reserve Act,” which set the gold price at $35 per ounce, as opposed to the former $20.67 In other words, he had stolen hundreds of millions of dollars from Americans by raising the price of gold by about 70%! What in reality he had done, was to lower the value of the dollar by 70%, in relation to gold. It is estimated that Roosevelt hauled in $7 billion worth of gold from submissive Americans, and still the depression kept right on going.. My Dad was a corner druggist in Washington D.C. for 36 years, and I grew up in that drug store. I’ll always remember those days as being educational, and lots of fun. I can still hear my Dad calling Eleanor Roosevelt “Old Horseface,” and bellowing about Roosevelt, calling him every name in the book. He hated the Roosevelts, as did all businessmen, and anyone with a farthing of sense.
Did Roosevelt’s Executive Order # 6012 “seize” everyone’s gold? No! How could anyone know who had it? Gold coins have no serial numbers, and practically everyone had them. Could government seize socket wrench sets if it passed a law saying that everyone had to turn theirs in? Could government ever know how many people had bought socket wrenches from hardware stores, auto supply stores, Sears Roebuck, Montgomery Ward, et al? Socket wrenches have no serial numbers, and they certainly don’t have to be ‘registered’ when you buy a set. Both have uses, and both may be about the same size I suppose. Those who didn’t need the dollars, undoubtedly said to themselves, “Me? Give you my gold? “Hell no!” Those who were living at the edge of starvation, having lost their jobs, having lost their savings in closed banks, and seen their stocks go to virtual zero, naturally gave their gold to the government in exchange for bread money. No one was ever fined, and no one ever went to jail for an Executive Order which could never have been enforced. There are actual laws against prostitution and drugs, but they flourish on a daily basis. Hookers and drugs have no serial numbers either, and aren’t registered like car titles, real estate deeds or stocks.
How could government “seize” your gold, when no one knows you have it? Registered guns have possibilities for seizure, because of their registration, but when they come to get yours, as I am certain they will, you “had it stolen,” “sold it at a yard sale,” or “gave it away,” hopefully. No gold coin is “registered,” and no gold coin has serial numbers other than the Credit Suisse 1 oz gold bars. A decade ago, in Silverton, Colorado, a miner was accused of stealing gold from a mine, after lots of it was found under his bed. It went to court, and Henry Kolego’s lawyer asked the prosecution if the supposed stolen gold looked different if it came from one mine or another? “No.’ Does the supposedly stolen gold have serial numbers for identification? “NO.” Henry K. went free. Did he steal it? Probably, but it was totally un-provable.
Can anyone from the government, seize your gold like Roosevelt did? How could they? Gold is not radio-active, so a Geiger Counter wouldn’t work. “Well, they’ll check your supplier or seize your records.” If you had gold at one time, how could anyone prove you still had it if you had given it away, sold it, or had it stolen? Like registered guns, if you please. The thought of government going through a million court cases, violating the Fourth Amendment, trying to “seize” your hoard of Krugerrands, borders on the insane and, at least is laughable. As a refresher, the Fourth Amendment says in part, “The right of the people to be secure in their persons, houses, papers and effects, against unreasonable searches and seizures shall not be violated.” Is it illegal for you to purchase gold or silver? No. Is it illegal for you to own them? No. Ever hear of the legal term “ex
post facto law?” Just forget the “seizure” nonsense, and protect yourself.
(I don’t agree with everything here because FDR was a tool of the Luciferian Banksters…but it raises some interesting details, facts, and insights).
But ONE, in a long,long, list.
Recipient of the “30 Pieces of Silver” award.
Gold is too expensive for me. But silver….silver I have lots of and plan to get more before it becomes hard to get and/or more expensive. I like finding “junk” silver too.
Without a doubt Winchester.
FDR was a traitor…but the dimes with his face on them will be invaluable for small purchases.