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Guest Commentaries

POSTED ON November 28, 2014  - POSTED IN Guest Commentaries, Interviews, Videos

Mises Institute President Jeff Deist interviewed Claudio Grass, Managing Director of Global Gold, about the Swiss gold initiative taking place this Sunday. Grass provided insights into the mind of the average Swiss citizen, while discussing the following topics:

  • What might the growing gold repatriation movement mean for the ECB and the Fed?
  • Is hostility against Swiss neutrality, Swiss wealth, and Swiss identity the unspoken motivation behind EU and US attempts to control this country of only 8 million people?
  • Why do financial elites hate the idea of a strong Swiss franc?

POSTED ON November 26, 2014  - POSTED IN Guest Commentaries, Key Gold Headlines

Switzerland will vote on the “Save Our Swiss Gold” initiative this Sunday, and the news is reminding everyone just why the financial world is watching so closely. USA Today and the Wall Street Journal can give you a good summary of how the Swiss gold initiative would affect the policies of the Swiss National Bank (SNB). The Guardian explains why a “yes” vote on the initiative would be extremely bullish for gold in this article published yesterday:

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Its supporters come from the populist right-wing Swiss People’s party (SVP), which says in its mission statement: ‘Most Swiss don’t even know that part of the nation’s gold is stored abroad and that the SNB has already sold over half of the gold reserves.’

POSTED ON November 25, 2014  - POSTED IN Guest Commentaries

As the world waits to see if the Swiss people will force the Swiss National Bank to re-embrace gold on November 30th, there’s another major country that has been buying gold without any pressure from its populace – Russia. We’ve reported on Russia’s currency wars against the West (here, here, and here), but exactly how does gold fit into Putin’s economic strategy? John Butler has published an article at David Stockman’s Contra Corner blog that thoroughly explores the history of the international currency wars and Russia’s role in them.

Like many analysts, Butler recognizes Putin as an extremely shrewd politician and economic rival. More importantly, Butler explains why Western sanctions on Russia might force Putin to play his trump card – physical gold holdings. According to Butler, “at current market prices, Russia’s gold reserves would back a whopping 27% of the narrow rouble money supply”. What would it mean for the world if Russia – one of the largest exporters of oil – started to officially back its rouble with gold? Butler explores this question and more…

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POSTED ON November 24, 2014  - POSTED IN Guest Commentaries, Interviews, Videos

Since Janet Yellen’s Federal Reserve has put an end to quantitative easing, the financial media generally believes the United States economy is improving. With an improving economy, the expectation is that Yellen will begin to raise interest rates in 2015. So goes the argument against an improvement in the gold market.

However, many analysts aren’t so optimistic about the state of the economy and haven’t given up on gold yet. In this video, Jim Rickards explains to CNBC why he thinks the US is in the same depression that began in 2007. Even Yellen can’t run from this reality, so Rickards argues that the Fed will be unable to raise rates in 2015.

POSTED ON November 20, 2014  - POSTED IN Guest Commentaries, Interviews, Videos

While interviewing William Rhind of World Gold Trust Services, CNBC asked him why central banks around the world are buying so much gold. Speaking about Russia’s massive purchases this year, one host asked, “How long can you use gold to prop up your currency, ultimately?” Rhind politely set her straight that gold is not an asset used to simply “prop up” currencies. If he’d had more time, he might have pointed out how much value the US dollar has lost since it has been off the gold standard.

Due in part to central bank buying, Rhind believes that the global gold supply is returning to deficit. He predicts that 2014 might turn out to be the second highest year of gold demand on record.

POSTED ON November 17, 2014  - POSTED IN Guest Commentaries, Key Gold Headlines

This post was submitted by Erik Oswald, SchiffGold Precious Metals Specialist. Any views expressed are his own and do not necessarily reflect the views of Peter Schiff or SchiffGold.

In this article from Smaulgld, Louis Cammarosano examines the fundamental supply and demand figures for the gold market. Demand for physical gold has been increasing year over year since 2008, despite rising prices up until 2012. Following the correction from $1900 per ounce, market demand for physical bullion really took off. While many in the West do not appreciate the monetary significance of precious metals, the East has been consuming physical gold and silver at an unprecedented rate. This is evident in the official reserves reported by central banks. On the whole, Western central banks have been decreasing their holdings of physical bullion while Eastern central banks have been all too eager to purchase the surplus.

Countries like China are all too familiar with the dangers of paper monetary systems and have a much longer view of history than most Western central banks. The United States has never experienced a hyper inflationary environment in which the dollar has dropped to its intrinsic value of zero. Because we have exported inflation to our trading partners since World War II, we have been able to stave off the destructive effects of circulating irredeemable paper notes as real money in ever increasing quantities. Meanwhile, the developing BRICS countries have been cementing various trade and financial agreements with one another over the last several years. Their appetite for physical gold and silver is but one of many steps being taken to prepare for a world without the US dollar as a reserve currency.

POSTED ON November 14, 2014  - POSTED IN Guest Commentaries

Although we’re based out of the United States, SchiffGold and its Chairman Peter Schiff are passionate supporters of the Swiss Gold Initiative. Our hope is that Switzerland sends a message to the world’s central bankers that people are sick and tired of having their money manipulated. We’ve been doing our best to promote the issue, and Peter has even recorded a popular video appealing to Swiss voters that you can watch here.

However – and we hate to suggest this – what happens if Switzerland does not re-embrace gold and a sound currency on November 30th? The truth is that you do not need to rely on your government and central bank to maintain a gold standard. You can start your own personal gold standard at any time by owning precious metals as part of your own savings – your personal “reserves,” as it were. Jim Rickards explains the concept very well in a recent article:

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POSTED ON November 14, 2014  - POSTED IN Guest Commentaries, Interviews, Videos

In an interview with HedgeyeTV, David Stockman explains why he believes we’re on the verge of popping another major financial bubble for the third time in this century. He and Keith McCullough also discuss the potential political fallout from this bubble – who will be the politician to fire Janet Yellen and refute Keynesian policies? They wrap up by talking about Stockman’s recent book The Great Deformation and how the financial media is caught up in a “recency bias” that allows them to ignore the monetary fraud being perpetrated by the Federal Reserve and the government.

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While parts of this conversation are a bit technical, Stockman does a great job explaining the fundamental economic and political realities of the United States.

POSTED ON November 12, 2014  - POSTED IN Guest Commentaries

James E. Miller, editor-in-chief of Mises Canada, published a defense of Peter Schiff’s forecasting record last week. Miller calls out mainstream financial media as biased Keynesian propagandists, while praising Peter’s willingness to stand by Austrian Economics in the face of public ridicule.

Still, Schiff has a point. He went on national television and endured a deluge of mockery for challenging established opinion. His forecasts, while not always correct, were far more accurate than those of his contemporaries. No one likes an ideologue wedded to a philosophy to the point of redundancy; yet there comes a point when facts are facts. When it mattered, Schiff had both an accurate assessment of the economy and a solid explanation to justify his findings. His advice might have saved the livelihood of millions, had it been taken. To this day, his call was seen as heroically prophetic, even while his philosophical underpinnings are still held in suspicion. He hasn’t earned the benefit of the doubt in the eyes of his Keynesian-minded contemporaries.”

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POSTED ON November 11, 2014  - POSTED IN Guest Commentaries, Key Gold Headlines, Videos

Renowned author and investor Jim Rogers appeared on RT yesterday to share his thoughts about the end of the US dollar as the world’s reserve currency. In this short interview, he suggests that the Chinese renminbi might fill the void left by the dollar. This prediction shouldn’t be much of a surprise to our readers, as we’ve been following the ever-growing gap between the East and West. The big takeaway is this: Rogers is certain that by the end of this decade, the world will be well on its way to completely abandoning the dollar as a reserve currency.

The US thinks that they’re in charge and they don’t have to worry about anything. No, I hate to say it – I’m an American citizen – but you know, there’s a lot of arrogance still in the United States. Especially about the dollar.”

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