Forty-three years ago today, President Nixon severed the last remaining shred of the gold standard when he suspended the ability of foreign banks to directly exchange the dollar for gold. Nixon promised his actions would be temporary, but this turned out to be an even bigger lie than his promise to end the Vietnam War.
In the video below, you’ll notice that Nixon also promised that the value of the dollar would remain stable in spite of his actions. Of course, this turned out to be completely wrong. According to the Consumer Price Index data released by the Bureau Labor of Statistics, the dollar has lost more than 80% of its value since Nixon’s fateful decision. Meanwhile, the dollar value of gold has gone from $35 an ounce to about $1,300.
What does this mean? Suppose you stashed an ounce of gold worth $35 alongside thirty-five one-dollar bills under your bed in 1971. Today, you would be sitting on gold that could buy you a nicely-tailored suit, while the cash couldn’t get you a pack of fancy boxer shorts. Who knows how much worse this is going to get. In our latest Videocast, Peter Schiff talks with Jim Rickards about the very real possibility that in the coming years, the dollar might lose its status as the world’s reserve currency. When that happens, you won’t even be able to buy a burger with your thirty-five bills. Click here to watch the interview.
There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.” – John Maynard Keynes
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According to a new report released by the Silver Institute, the demand for silver is expected to exceed projected global GDP growth. Silver demand should grow by 5% per year from 2014 to 2016. Demand for industrial silver, which accounts for over 50% of global demand, will rise due to its use in three key areas: flexible electronics displays, LEDs, and semiconductor computer chips.
With the introduction of these advanced uses of silver in the electrical and electronics category, which last year provided over 40% of total silver industrial demand, along with growth in established uses, we should see silver industrial demand develop even further, especially as economies grow globally.” – Michael DiRienzo, Executive Director of the Silver Institute.
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Interested in learning about the best ways to buy gold and silver?
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The June edition of the Silver Institute’s Silver News is now available. This issue is full of news from the silver industry, highlighting some of the most interesting inventions and applications using silver today. Silver’s natural anti-microbial properties are being explored by industries around the world, ensuring demand for the white metal for many years into the future. Among other news, you’ll learn about:
- A new “drinkable book” that uses silver to filter water with its pages.
- Silver for use in bone implants.
- Cyanide-free, silver-based finishes from Dow.
- The rapidly growing market for silver inks and pastes.
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Interested in learning about the best ways to buy gold and silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!
In case you missed the news, SchiffGold is now the world’s first major gold dealer to accept bitcoin, the digital currency that has been called the biggest innovation since the internet. We’ve partnered with industry leader BitPay to securely process your bitcoin payments when buying gold and silver. Whether you choose to pay in dollars or bitcoin, our prices remain the most competitive in the marketplace today.
Bitcoin has already generated fortunes for its early adopters, but it remains a new technology. Those seeking to protect their savings from the US dollar’s decline must consider building a healthy allocation of physical gold and silver in their portfolios. Precious metals remain history’s most reliable store of wealth. We are pleased with the bitcoin community’s response to our announcement, and we hope to serve as a valued resource in the months and years to come.
Bitcoin payments may be most useful to international customers who are concerned about the expense and difficulty of sending currency across borders. We ship to Canada and worldwide, and using bitcoin is the fastest way to receive your order.
¿Habla español? Ahora puedes pagar con Bitcoin a través de nuestra pagina SchiffOro.
Director of Marketing Mike Finger sums up our philosophy:
Bitcoin offers tremendous benefits as a medium of exchange for both our domestic and international customers. A wire transfer of fiat funds can be slow and expensive for the customer, and credit card fees are too high to absorb at the low premiums we offer. Not only does BitPay’s service make business sense, but we are excited about giving owners of bitcoin the opportunity to inexpensively and reliably convert any excess holdings into precious metals rather than back to fiat currency.”
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Follow us on Twitter to stay up-to-date on Peter Schiff’s latest thoughts: @SchiffGold
Interested in learning about the best ways to buy gold and silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!
Huge Gold Refinery Under Construction in Dubai
Reuters – One of the world’s largest gold refineries is being built by Kaloti Precious Metals in Dubai and is scheduled to be completed next year. The refinery will be three times the size of any other refinery in the United Arab Emirates, with a production capacity of 1,400 metric tons of gold and 600 tonnes of silver per year. The $60 million project is part of an effort to turn Dubai into a world leader in the physical gold trade, which is also why the Dubai Gold and Commodities Exchange is planning to start a spot gold contract in June. Almost 40% of the global physical gold trade passed through Dubai in 2013, and it has already handled $75 billion in gold imports and exports this year. The new spot contract will be structured to appeal to smaller, foreign investors, like Indian jewelers and will have faster delivery times than New York gold trades. Read Full Article>>
London Silver Fix Will Close in August
Reuters – On August 14th, the London silver fix will stop operating.
We are excited to announce that through a new partnership with BitPay, we now accept bitcoin payments! We are the largest precious metals dealer in the world to do so. Speak with one of our Precious Metals Specialists today for more information. Read the full press release below.
NEW YORK – BitPay, world leader in business solutions for Bitcoin digital currency, announces a partnership with SchiffGold (formerly Euro Pacific Precious Metals). Based in New York City, SchiffGold is a major international gold and silver dealer – and the world’s largest by volume to accept bitcoin to date.
SchiffGold is led by famed investor Peter Schiff and specializes in making high-quality bullion coins and bars part of its customers’ financial portfolio. The company has built a reputation for calling out unsavory practices in the gold dealer industry, and for its honest and competitive pricing across all product categories. Executives at SchiffGold regularly seek out new ways to make transactions easier and cheaper for its customers, which is why BitPay was chosen.
“Bitcoin offers tremendous benefits as a medium of exchange for both our domestic and international customers. A wire transfer of fiat funds can be slow and expensive for the customer, and credit card fees are too high to absorb at the low premiums we offer. Not only does BitPay’s service make business sense, but we are excited about giving owners of bitcoin the opportunity to inexpensively and reliably convert any excess holdings into precious metals rather than back to fiat currency,” said Michael Finger, Director of Marketing at SchiffGold.
This partnership marks another major milestone in the acceptance of bitcoin worldwide, as larger and more global companies embrace the digital currency.
“We are very excited to form a partnership with SchiffGold, especially right on the heels of our collaboration with Toshiba. BitPay is honored to have a role in helping such global and established companies integrate bitcoin into their payment systems, ” said Tony Gallippi, Executive Chairman of BitPay.
BitPay is attracting merchants who sell low-priced goods where credit card fees are expensive and high-ticket items such as gold and silver where chargebacks are common and costly. Accepting bitcoins allows merchants to make these transactions irreversible, while eliminating the risk of fraud and identify theft for the buyer.
About BitPay
BitPay is a Payment Service Provider (PSP) specializing in eCommerce, B2B, and enterprise solutions for Bitcoin digital currency.
Follow us on Twitter to stay up-to-date on Peter Schiff’s latest thoughts: @SchiffGold
Interested in learning about the best ways to buy gold and silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!
Deutsche Bank Resigns London Fix Seat
Reuters – Deutsche Bank has resigned its seat on the London gold and silver fixes as part of a larger decision to end the majority of its commodities-related business. Deutsche Bank could find no buyer for its seat, perhaps due in part to a US lawsuit that accuses the five London gold fix banks of price-rigging. Deutsche Bank has held its position on the fixes for two decades and officially leaves on May 13th. Just four banks will be left to set the gold fix – Barclays, HSBC, Bank of Nova Scotia, and Societe Generale. Just two – HSBC and Bank of Nova Scotia – remain to set the silver fix. Read Full Article>>
China Gold Demand to Grow 25%
Bloomberg – Chinese gold demand will grow 25% by 2017, according to the World Gold Council.
Korea Begins Spot Gold Trade
Wall Street Journal – The South Korean stock exchange has started trading physical spot gold for the first time, hoping to increase tax revenue from the yellow metal. South Koreans trade about 110 tons of gold every year, of which about 70 tons, worth $3 billion, are traded on the untaxed black market. Black market gold is a popular way to hide income and avoid taxes. The government is incentivizing gold traders to use the Korea Exchange by waiving import duties and offering tax reductions on these gold transactions. Read Full Article>>
China Gold Imports & Consumption Rise
Bloomberg – Chinese gold imports from Hong Kong increased to 109.2 metric tons in February, compared to 83.6 tons in January and 60.9 tons YoY. Chinese buyers purchased a total of 125 tons in February, compared to 102.6 tons in January and 97.1 tons YoY.
Gold Hits 16-Week High
Bloomberg – In the last week of February, gold and silver hit a 16-week high, driven by concerns of weak US economic growth and Ukrainian political turmoil. The Chicago Federal Reserve’s measurement of US economic activity in January was nearly twice as bad as predicted, indicating below-trend growth. Meanwhile, the interim government of Ukraine is asking for $35 billion of financial assistance to avoid default. Gold is seen as a safe-haven investment in light of these problems. By the end of February, gold had risen 11% from its December lows. UBS AG has raised its 2014 forecast for gold, stating that the metal has “started to shed its stigma.” Read Full Article>>
2013 Silver Coin Sales Hit Record High
Silver Institute – Global sales of 1-ounce silver bullion coins hit a record high in 2013.
The Silver Institute has released its February Silver News, jam-packed with stories on the latest developments in silver technology. This issue includes an interview with an industry insider about the recent American Eagle coin shortage, as well as articles about silver in hard drives, spark plugs, and the Gorilla Glass used on smartphones.
