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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsRepublicans Asserting Reliance on Gold as World Loses Faith
http://www.bloomberg.com/news/2013-11-14/republicans-asserting-reliance-on-gold-as-world-loses-confidence.htmlWhile many Wall Street analysts, including Jeffrey Currie at Goldman Sachs Group Inc., say gold will continue to decline as the economy grows, some leading Republicans continue to urge a special role for bullion.
As the price of gold hit new highs following the 2008 financial crisis, Republicans saw the yellow metals steady ascent as a sign of trouble ahead.
To Representative Paul Ryan of Wisconsin, record gold prices in 2010 heralded a lower standard of living for many Americans. Representative Ted Poe of Texas foresaw a blast of inflation that will crush the middle class adding: Where gold prices go, other prices follow. Fellow Texas Representative Ron Paul, a perennial critic of the Federal Reserve, warned that confidence is being lost in the entire fiat monetary system, a reference to money created by central banks.
The Republicans confidence in gold as an economic and financial barometer proved ill-founded. Five years after the crisis, the dollars value measured against the currencies of major U.S. trading partners is little changed. Prices have risen at an annual 1.4 percent rate, less than half the 50-year average and lower than the Feds 2 percent target.
By July, gold had slid 36 percent from its September 2011 high of more than $1,900 an ounce, the steepest percentage decline since prices plunged by 58 percent over 21 months ending in June 1982.
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Republicans Asserting Reliance on Gold as World Loses Faith (Original Post)
xchrom
Nov 2013
OP
Laelth
(32,017 posts)1. How many times must Republicans be wrong before we all get the message?
Their counsel should be taken with a grain of salt.
-Laelth
xchrom
(108,903 posts)2. a really, really, really big grain of salt. nt
Laelth
(32,017 posts)3. This might do.
-Laelth
bemildred
(90,061 posts)5. Gold is just another commodity. nt
xchrom
(108,903 posts)6. what freaks me out is all those sales in 'paper' gold. nt
bemildred
(90,061 posts)7. Yes, expensive, high fees, volatile, and low-liquidity at the nominal price.
And you can be waiting a loooong time for that good selling opportunity.