Remember you history:
http://bastiat.mises.org/2013/06/on-this-day-in-1933/
http://bastiat.mises.org/2013/06/on-this-day-in-1933/
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Gold History
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CharlesMcLain
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According to the U.S. Mint website, at present the Fort Knox hoards 147.3 million ounces of gold and had the highest gold holding of 649.6 million ounces (December 31, 1941). The gold is held as an asset of the United States at book value of $42.22 per ounce. Isn’t this a jaw-dropping injustice of the government?!?
According to the U.S. Mint website, at present the Fort Knox hoards 147.3 million ounces of gold and had the highest gold holding of 649.6 million ounces (December 31, 1941). The gold is held as an asset of the United States at book value of $42.22 per ounce. Isn’t this a jaw-dropping injustice of the government?!?
Actually, the book value of an asset is the cost to buy the asset minus any depreciation of that asset. Since gold is not affected by depreciation, the book value should be equal to the cost of the initial purchase. Book value is just an accounting term. Market value would be a more useful number.
http://www.24hgold.com/english/news...10020&redirect=false&contributor=Peter+Schiff
"The New York Times had the definitive take on the vicious sell off in gold. To summarize one of their articles:
Two years ago gold bugs ran wild as the price of gold rose nearly six times. But since cresting two years ago it has steadily declined, almost by half, putting the gold bugs in flight. The most recent advisory from a leading Wall Street firm suggests that the price will continue to drift downward, and may ultimately settle 40% below current levels.
The rout says a lot about consumer confidence in the worldwide recovery. The sharply reduced rates of inflation combined with resurgence of other, more economically productive investments, such as stocks, real estate, and bank savings have combined to eliminate gold's allure.
Although the American economy has reduced its rapid rate of recovery, it is still on a firm expansionary course. The fear that dominated two years ago has largely vanished, replaced by a recovery that has turned the gold speculators' dreams into a nightmare.
This analysis provides a good representation of the current conventional wisdom. The only twist here is that the article from which this summary is derived appeared in the August 29, 1976 edition of The New York Times. At that time gold was preparing to embark on an historic rally that would push it up more than 700% a little over three years later."
"The New York Times had the definitive take on the vicious sell off in gold. To summarize one of their articles:
Two years ago gold bugs ran wild as the price of gold rose nearly six times. But since cresting two years ago it has steadily declined, almost by half, putting the gold bugs in flight. The most recent advisory from a leading Wall Street firm suggests that the price will continue to drift downward, and may ultimately settle 40% below current levels.
The rout says a lot about consumer confidence in the worldwide recovery. The sharply reduced rates of inflation combined with resurgence of other, more economically productive investments, such as stocks, real estate, and bank savings have combined to eliminate gold's allure.
Although the American economy has reduced its rapid rate of recovery, it is still on a firm expansionary course. The fear that dominated two years ago has largely vanished, replaced by a recovery that has turned the gold speculators' dreams into a nightmare.
This analysis provides a good representation of the current conventional wisdom. The only twist here is that the article from which this summary is derived appeared in the August 29, 1976 edition of The New York Times. At that time gold was preparing to embark on an historic rally that would push it up more than 700% a little over three years later."
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