Monday, July 31, 2017

The Gold Standard vs A Competitive Monetary System

James Turk and Alasdair Macleod discuss the pros and cons of the gold standard, the benefits of competition between different currencies and the historical role of gold in international monetary systems. 

James Turk points out that he is actually not in favour of a classical gold standard as it grants excessive monetary authority to governments and central banks. 

He prefers free competition between currencies, and thinks that gold has proven itself as the best form of money over thousands of years. He says that gold will always be the ultimate standard for economic calculation. Both men agree that money should not be a product of governments, as most modern monetary theories advocate, as well as influential people such as Warren Buffett. 

As a result of on-going debt monetisation and expansion of the money supply, James Turk ultimately expects an Argentinian style hyperinflation. Macleod argues that it will be almost impossible to raise interest rates to re-establish faith in the bond markets because the current debt levels are way too high already. 

While James Turk is optimistic that a solution will eventually be found to our financial problems, he expects a serious crisis before gold is reintroduced in one form or another back into the monetary system. Therefore he advises that you should become your own central bank by buying gold and silver as a means of protecting your purchasing power. 

When buying precious metals one should make sure not to have counterparty risk which is why Turk and Macleod advise buying physical metal only. In conclusion, James Turk points out the difference between price and value and argues that gold is still undervalued even though the price has risen for 11 years in a row. 

Talk of a gold bubble is therefore misguided. James is still expecting much higher prices in the future due to on-going money printing. Alasdair also talks about how little investor participation there is in the gold market in comparison with other assets, and points out the lack of speculative buying.

Thursday, July 27, 2017

Pieces of Eight and Constitutional Money

Edwin Vieira talks to James Turk about his book "Pieces of Eight: The Monetary Powers and Disabilities of the United States Constitution", how it came to be and the new editions and upcoming translations (see James Turk's review of this book). Edwin explains the role that the gold commission hearings and Ron Paul played in inspiring the book. He also says how important and urgent monetary reform is for the United States and how the best chance of reform comes at the state level, given gridlock in Washington.

- Source, Gold Money

Sunday, July 23, 2017

History And The Importance of Gold

Gold Bullion is the world's oldest asset class and the century's best performing currency. In this brand new GoldMoney Inc roundtable recorded in Toronto, top executives from the company explore the history of gold as currency and how the banking system evolved over time.

Wednesday, July 19, 2017

The Exchange Stabilization Fund and The Gold Reserve Act

Chris Powell, Secretary/Treasurer of, and James Turk, Director of The GoldMoney Foundation and Founder of GoldMoney discuss the Exchange Stabilization Fund in this video. This fund was established in 1934 as a provision in the Gold Reserve Act. It only answers to the Treasury Secretary and the President.

Friday, July 7, 2017

You Don't Invest in Gold, Gold is Money

James Turk, globally recognized expert on precious metals, joins Kuzman Iliev and Vladimir Sirkarov in the Boom and Bust show on Bloomberg TV Bulgaria to discuss a wide range of investment topics - monetary policy, the new reality of negative nominal yields, investment strategies for wealth preservation, what to consider when investing in gold and how to prepare for turbulent times.