Tuesday, August 26, 2014

Silver was money in Hamburg for 250 years


Steffen Krug (http://www.ifaam-institut.de/ ) talks to James Turk about the monetary history of Hamburg and its 250 years of 100% reserve silver banking with the Mark Banco until Bismarck replaced it with the Goldmark in 1873. To Napoleon's surprise Hamburg actually kept more than 100% reserve backing, being the only bank in Europe to do so. The Mark Banco was equivalent to 8.5 grams of silver. They also discuss how traditionally banking was divided into two different businesses: commercial or transaction focused banks on the one hand and deposit taking loan-making investment banks on the other, whereas today both functions are dangerously mixed. The interview was recorded on 14 May 2011 in Hamburg, Germany.

Saturday, August 23, 2014

Can the US grow its way out of a currency collapse?


Lawrence Parks, of FAME, and James Turk, Director of the GoldMoney Foundation, talk about the possible political consequences of the coming monetary crisis and the abuse of emergency powers by politicians in the US in history, as well as the disturbing recent trends. They comment on Roosevelt's gold confiscation, Nixon's wage and price controls and GW Bush's Homeland Security orders, including emergency powers in the case of economic crises. They also discuss the euro and its chances of survival and how the Chinese government is promoting gold ownership.

Wednesday, August 20, 2014

Ben Davies: Gold Is Money


Ben Davies (http://hindecapital.com) and James Turk, Director of the GoldMoney Foundation, talk about the current fiat currency world monetary system established under "Bretton Woods II". They explain the imbalances created by the hegemony of the fiat dollar, and how it allows mercantilist vendor financing and the accumulation of huge FX reserves in sovereign wealth funds and other vehicles. Ben Davies thinks that our current monetary system is living on borrowed time.

Thursday, August 14, 2014

Argentina debt default, life as a PT, James Turk of Goldmoney


Andrew discusses life as a perpetual traveler and asks whether PTs can have a base... or whether they must drag their suitcase from hotel to hotel. Andrew talks about his personal PT base in Kuala Lumpur, Malaysia, and why expats should consider Asia for business opportunities.

Then, he discusses the Argentina debt default and things to look out for in your home country or when investing offshore.

And James Turk from Goldmoney joins to talk about offshore gold storage and how to protect your gold internationally with his specific steps.

- Source, Nomad Capitalist

Monday, August 11, 2014

Turning Hard Times into Good Times


John Rubino and James Turk discuss their new book, "The Money Bubble. What to Do Before it Pops?" and also our flawed monetary policy and also talk about what may happen when systems break down and then give their thoughts on how to prepare.

Wednesday, July 30, 2014

The War on Gold and Silver Continues

Trading is hard, and best left for the professionals. Buying can be hard too, particularly after a mini-crash. But the emotion can be removed when you have a set plan to purchase a certain amount of physical metal every month as your savings.
Anyway, the war on gold and silver continues. Perhaps the next battle will be fought next week when options expire. And maybe the central planners will win another battle, but what is clear is that the central planners are losing the war.

There is one other point I would like to mention, Eric: Maybe last week’s quick mini-crash is telling us something important. With both gold and silver - as well as the mining stocks - being so undervalued, the central planners can’t keep downward pressure on the precious metals for days or even weeks like they used to.

In other words, maybe last week was a historic turning point, and that one-day mini crashes - instead of long, drawn out corrections - will become the norm. Carrying this point one step further, maybe sub-$1300 gold is history, just like we will never see $1050 gold again. Given the strong performance gold has put in the past few days, it is possible that another important low was made last week in the uptrends for gold and silver that are now 13 months old.

- James Turk via a recent King World News interview

Sunday, July 27, 2014

Central Planners Can Only Push Gold Lower for so Long

This buying of physical metal explains why gold and silver bounced up off their support so quickly, Eric. The central planners can only push the short side so far, and their agents in the select bullion banks that trade for them know when to cover. These guys all know their limits, but we will continue to get the anti-gold propaganda.

For example, the media was quick to tell everyone last week that Goldman Sachs is keeping their year-end gold price target at $1,050. That ‘news’ - coming as it did right after last week’s price slam - probably scared some people and kept them from buying physical metal at those good prices when gold and silver were testing support.

Putting aside the propaganda, we have to remember that these attacks on gold and silver don’t always work. And some - like this last one - are short lived. So if you had money on the sidelines waiting to buy and blinked, you missed the low. It’s another reason why I always recommend accumulating gold on a regular basis rather than trying to trade it.

- Source, James Turk via King World News

Thursday, July 24, 2014

Money on the Sidelines is Waiting to Move Into Precious Metals

The experience of the last several years tells us that we will see more attacks on the precious metals like the one the central planners engineered last week. We know from experience that these mini-crashes particularly occur before testimony before Congress by Fed officials, release of FOMC minutes, at month-end during option expiry, and before the U.S. unemployment report.

I am sure the hedge funds that trade gold have these dates marked in their calendars. But regardless, I do know that there is a lot of money on the sidelines waiting to buy physical gold and physical silver whenever we get bargain basement prices like we saw last week.

- James Turk via a recent King World News interview

Monday, July 21, 2014

Gold and Silver Look Ready to Move Higher

"The big drubbing the precious metals took last week is already pretty much forgotten. Both gold and silver stabilized at the support we discussed last Monday, around $1300 for gold and just under $21 for silver. They have since turned around, and look ready to head higher again. Today’s strong close is very encouraging."

- James Turk via King World News

Saturday, July 19, 2014

Debasement of Money Drives Gold and Silver Higher

Gold and silver are now back at support, around $1,300 for gold and just under $21 for silver. And the price manipulators are walking away with big day-trading profits. They are covering here at support all the shorts they sold last week and early this morning when Europe and the US were asleep. And because the shorts they put on this morning are traded intraday and mainly off the Comex, no one will ever see any Comex or other exchange report of their huge build up in short selling and the disappearance of these positions later the same day.

It is tough living with the irony of it all. There are record high prices everywhere except the gold price and the silver price. Many stocks, bonds, works of art and real estate in many safe-havens around the world are already at historic highs. But it will change.

We have to put aside today’s drubbing and focus on what’s important, namely, what drives the gold price. It is of course central bank debasement of currencies, which is making gold and silver increasingly undervalued and explains why both precious metals remain in uptrends that began over a year ago. And notwithstanding what happened today, let’s remember that both gold and silver are up 8% so far this year.

- Source, James Turk via King World News

Wednesday, July 16, 2014

Bank Shorts Orchestrating Gold & Silver Smash

The central planners today won another battle in the precious metal arena, Eric. They got the short sellers to dig in their heels over the past few days, which is clear from the increase in the open interest on the Comex, particularly for silver....

If we look at what happened last week, approximately 21% more silver was sold short on the Comex than was actually mined in those 5 days. The Comex open interest increase in gold was about 88% of all the gold mined those five days.

When comparing how much gold and silver were sold short than was actually mined, it only takes logic to conclude that it was paper selling that stopped gold and silver’s price advance last week. And these results are only for the Comex, which is generally said to represent just 10% of paper derivative trading in silver and gold.

Clearly, the paper sellers were out in full force last week. They were trying to keep gold and silver prices capped. Nevertheless, from Monday to Friday’s close, gold rose 1.6% while silver jumped 2.1%. But these shorts turned the tide in their favor early this morning.

Before Europe opened, the paper sellers were out in full force painting the tape with short selling during the most illiquid time of the day. By the time the metals opened for trading in New York, the spec longs were ready to be flushed out. Also, because precious metal prices today broke below their short-term moving averages, the black-box proprietary traders had to flip their positions from long to short. The selling pressure on gold and silver prices was relentless.

- Source, James Turk via King World News

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