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Gold/Mining/Energy : Blue Chip Gold Stocks HM, NEM, ASA, ABX, PDG

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To: carranza2 who wrote (42682)	4/16/2013 11:11:33 AM
From: Tommaso	2 Recommendations Read Replies (2) of 48092

What the U. S. has been doing with its money and banking sometimes gets compared to what John Law did to France in the early 18th century. A big difference is that at that time there were other countries--England, and I think Holland--that were maintaining the value of their own currencies. Those--and gold itself, which the French tried to outlaw the use of at one point, even using a death penalty--provided a measure against which the worth of the French paper issues could be gauged. But as we all know, there is no external currency--not even the Swiss franc--to serve as a reliable measure of the U. S. dollar. So it may be that the closest analog would be China under Kublai Khan, where the currency system was centralized and self-contained. That did not prevent its being abused and succumbing to inflation and collapse. Looking beyond the immediate wild fluctuations in the price of gold, it seems to me, we see world-wide currency destruction. This is somewhat masked by the huge productivity of goods, which is a powerful deflationary force. But it is hard for me to lose confidence in the value of gold, as it becomes clear that there is a competition to devalue currencies. The U. S. seems to be waking up to the implications of Japan's new policies: WASHINGTON (MarketWatch) — The U.S. Treasury on Friday warned Japan not to actively weaken its currency as it again refrained from naming China a manipulator. In its twice-a-year assessment of whether any nation is a currency manipulator, Treasury said it will “closely monitor” Japan’s policies and the extent to which they support the growth of domestic demand. The new Shinzo Abe administration has pushed for aggressive bond-buying at the Bank of Japan, and the yen (US:USDJPY) has dropped 13% against the dollar this year. The Japanese currency rose in Friday afternoon trade after the report was released. “We will continue to press Japan to adhere to the commitments agreed to in the G-7 and G-20, to remain oriented towards meeting respective domestic objectives using domestic instruments and to refrain from competitive devaluation and targeting its exchange rate for competitive purposes,” the Treasury said.

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