Saturday, April 6, 2013
Gold is a Currency and not a Commodity
Original source
Eric Sprott pushed back on the Société Générale's report that gold was in a bubble and would slide to$1375/oz by year's end.
The authors of the report, David Franklin and David Baker, say SocGen is mistaking gold by viewing it as a commodity rather than a currency, and ". . . gold doesn’t really work as a commodity because it doesn’t get consumed like one."
The two argue that the slow growing supply of gold make it a great currency.
"Total gold supply can only grow marginally, while fiat money supply can grow exponentially through printing programs," writes Franklin and Baker.
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Australian PM congratulates IMF on Theft of Cyprus Bank Deposits
Original source
Ms Gillard is leading a high-level delegation in China for talks with the country's new leaders and the business community.
Ms Gillard will meet China's new president Xi Jinping tomorrow on the sidelines of the Bo’ao Asia Forum on Hainan Island.
Today she held talks with International Monetary Fund chief Christine Lagarde.
Ms Gillard says she congratulated Ms Lagarde on the IMF's recent work in trying to resolve the financial crisis in Cyprus.
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Tweet of the Week
ZH Quote of the day: "As always, the government proves to be a less efficient allocator of capital than a drunken sailor"
— zerohedge (@zerohedge) April 5, 2013
Gerald Celente on Gold, BoJ money printing and Cyprus
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