Precious Metals

Peter Schiff Global Investor Newsletter – March 2013

"The Keynesians have overlooked a much more dangerous and demonstrable pitfall of their own creation: something that I call 'The Stimulus Trap.' This condition occurs when an economy becomes addicted to the monetary stimulus provided by a central bank, and as a result fails to restructure itself in a manner that will allow for robust, and sustainable, growth. The trap redirects capital into non-productive sectors and starves those areas of the economy that could lead an economic rebirth. The condition is characterized by anemic growth (masked by the delivery of perpetual stimulus) and deteriorating underlying economic fundamentals." Continue reading →

Continue ReadingPeter Schiff Global Investor Newsletter – March 2013

Gold and Silver Coins in Arizona May Become Legal Tender

"Arizona is likely to become the second state after Utah to pass a law specifying that gold and silver coins will be regarded as legal tender inside the borders of the state. The important thing about this legislation, as well as the law in Utah, is that it is now becoming clear to more voters that there is something fundamentally wrong with a monetary system that is run by a committee of tenured bureaucrats in Washington. This kind of legislation would have been inconceivable 10 years ago. The legislation is important mainly as an economic indicator of a change in public opinion, at least in Western states, regarding the future of fiat money." Continue reading →

Continue ReadingGold and Silver Coins in Arizona May Become Legal Tender

Tarrant lawmaker seeks to create Texas Bullion Depository

"Call it the Rick Perry gold rush: The governor wants to bring the state's gold reserves back from a New York vault to Texas. And he may have legislative support to do it. Freshman Rep. Giovanni Capriglione, R-Southlake, is carrying a bill that would establish the Texas Bullion Depository, a secure state-based bank to house $1 billion worth of gold bars owned by the University of Texas Investment Management Co., or UTIMCO, and stored by the Federal Reserve. Capriglione said the bill is not about putting Texas on its own gold standard. Rather, a depository would give the state a reputation as being more financially secure in the event of a financial crisis." Continue reading →

Continue ReadingTarrant lawmaker seeks to create Texas Bullion Depository

Swiss to Vote on Initiative to Return Gold Stored in the US to Switzerland

"Enough signatures have been collected for an initiative to force a vote to ensure that the Swiss National Bank: 1. Stops selling gold reserves. 2. Keeps 20% of its assets in gold (currently 10%). 3. Repatriates gold held abroad (including in the US). The Swiss People’s Party (UDC/SVP), the Christian Democrats (PDC), and the Liberal-Radical Party (PLR) are in the process of writing an initiative to anchor bank secrecy in the Constitution, with some exceptions for criminal investigations." Continue reading →

Continue ReadingSwiss to Vote on Initiative to Return Gold Stored in the US to Switzerland

Argentina Turns To Gold As Inflation Tops 26%

"In the country Paul Krugman hailed as a Keynesian success story, the people are fleeing the government's currency. Banco de la Ciudad de Buenos Aires, Argentina’s only bank offering gold bullion coins and bars to investors and savers is negotiating with mining companies to purchase gold direct as surging demand depletes the scrap supply. The bank began marketing gold to clients after Argentina tightened currency controls in October 2011. Banco Ciudad is the only bank left that trades in gold after Fernandez banned the purchase of certified 99.99% pure gold for savings in July. The bank sells it at 99.96% purity." Continue reading →

Continue ReadingArgentina Turns To Gold As Inflation Tops 26%

India enacts law to enforce ‘Know Your Customer’ norms for Gold purchases

"World's largest gold consumer India enacted a law making it mandatory for jewellers to collect a KYC (know your customer) document from every customer purchasing jewellery worth Rs 50,000. India made an amendment to extend the purview of the Prevention of Money Laundering (PML) Act to enforce Know Your Customer norms for retail purchases of gold and precious stones. Indian authorities hope this move will eventually cut down gold imports which is responsible for country's staggering current account deficit (CAD)." Continue reading →

Continue ReadingIndia enacts law to enforce ‘Know Your Customer’ norms for Gold purchases

Libor Scandal to Reveal Metals Manipulation?

"Gold is being sucked directly into the Libor scandal. Of course, we are on record as pointing out that it can hardly be much of a scandal when central banks set the price and volume of money every day. But nonetheless, the mainstream press has been buzzing about the idea that commercial banks were setting LIBOR rates in ways that accommodated their business practices. It is ultimately all about control. Gold and silver prices are apparently not subject to open marketplace competition for a reason. And now the Libor scandal threatens to unearth the seamy side of metals manipulation from the standpoint of the world's biggest banks." Continue reading →

Continue ReadingLibor Scandal to Reveal Metals Manipulation?

Bills to Require the Registration of the Buyers and Sellers of Gold and Silver Coins

"First they came to register your guns, and now they want to register when you sell (and sometimes when you buy gold) gold. A bill has been introduced in Illinois, the most anti-gun state in the US, that will require the registration of the buyers and sellers of gold. In Houston, a law has been passed in the city that requires any consumer selling gold to submit to fingerprints and mugshots." Continue reading →

Continue ReadingBills to Require the Registration of the Buyers and Sellers of Gold and Silver Coins

Bills to Require the Registration of the Buyers and Sellers of Gold and Silver Coins

"First they came to register your guns, and now they want to register when you sell (and sometimes when you buy gold) gold. A bill has been introduced in Illinois, the most anti-gun state in the US, that will require the registration of the buyers and sellers of gold. In Houston, a law has been passed in the city that requires any consumer selling gold to submit to fingerprints and mugshots." Continue reading →

Continue ReadingBills to Require the Registration of the Buyers and Sellers of Gold and Silver Coins