Gold Short Squeeze is on! NYSE-LIFFE runs out of gold bars

March 27, 2009 Jack The Big Picture Comments Off on Gold Short Squeeze is on! NYSE-LIFFE runs out of gold bars

Avery Goodman writes:


In the first Great Depression, the government tried, for several years, between 1929 and 1933, to maintain a fiction that the U.S. dollar was still convertible and as “good as gold”, in spite of having irresponsibly printed more dollars than they had gold to back them. Back in the 1920s, just like during the last 22 years, the Federal Reserve had run its printing press overtime, and, as a result, it couldn’t deliver. The U.S. Treasury eventually ran out of the gold, in the face of overwhelming public demand, resulting in the infamous gold confiscation order, by President Franklin Roosevelt, in 1933. History may be repeating itself, except that the government no longer makes any pretension to maintaining a gold standard, or any standards at all. Instead, nowadays, the futures exchanges offer to trade gold for a floating number of dollars, and, it appears, they have printed more paper contracts than they can redeem, at least when it comes to 1 kilogram bars.

Did you enjoy this article? Join our FREE Newsletter!
I agree to have my personal information transfered to MailChimp ( more information )
Join over 100,000 investors and business leaders worldwide. Get the latest actionable business and investing intelligence before the rest of the crowd.
We hate spam. Your email address will not be sold or shared with anyone else.




Related Articles

Smart Money

Marc Faber: Coronavirus changes society FOREVER! Plus: GOLD, stocks, interest rates, China & HK

March 5, 2020 admin Smart Money Comments Off on Marc Faber: Coronavirus changes society FOREVER! Plus: GOLD, stocks, interest rates, China & HK

Exclusive interview with the “congenial contrarian”, investing legend Dr. Marc Faber! Sign up for Marc Faber newsletter at: https://www.gloomboomdoom.com/ SUBSCRIBE to our youtube channel: https://bit.ly/2x22Q1C Did you enjoy this article? Join our FREE Newsletter! I […]

Newsmakers

Comprehensive Independent Study Values Santa Fe Gold’s (OTC: SFEG) Newly Acquired Silver Mines In Black Hawk And Bullard’s Peak Districts At $839 Million

March 8, 2018 admin Newsmakers Comments Off on Comprehensive Independent Study Values Santa Fe Gold’s (OTC: SFEG) Newly Acquired Silver Mines In Black Hawk And Bullard’s Peak Districts At $839 Million

Comprehensive Independent Study Values Santa Fe Gold’s Newly Acquired Silver Mines In Black Hawk And Bullard’s Peak Districts At $839 Million Santa Fe Gold receives General Mining Permit for Black Hawk Mine from the State […]