Gold Currency Status, GATA Interview, Gold and Silver Prices

June 23, 2010

A selection of recent articles on gold and silver from across the internet:

Gold reclaims its currency status as the global system unravelsTelegraph.co.uk

“Central banks of Russia, the Philippines, Kazakhstan and Venezuela have been buying gold, and Saudi Arabia’s monetary authority has ‘restated’ its reserves upwards from 143m to 323m tonnes. If there is any theme to the bullion rush, it is fear that the global currency system is unravelling. Or, put another way, gold itself is reclaiming its historic role as the ultimate safe haven and benchmark currency.”

The story that’s GATA be told Motley Fool

An interview with Bill Murphy, co-founder of the Cold Antitrust Action Committee (GATA).

“What’s important for your readership to understand is that the markets have been made dysfunctional by U.S. policy and what these bullion banks are doing. Even Alan Greenspan said recently that interest rates were left too low for too long. Had the gold price been allowed to trade freely, interest rates wouldn’t have been able to stay down as low as they were. It would have been a warning sign for people not to get involved in the behavior that they did … not to go with all of the risks that developed. And there’s a good likelihood that the disaster would have been nowhere near as bad as it was.

“Alan Greenspan called gold a “thermometer.” So they diffused the thermometer by keeping the gold price managed. And what’s important for people to understand now is that the same thing is going on. If we’re correct, it’s going to lead to a bigger catastrophe, because no one has learned any lessons.”

Silver may advance to $23Bloomberg Businessweek

Silver is called a cheap alternative to gold. The current gold/silver ratio is compared to historical levels.

“An ounce of gold for immediate delivery bought about 65.81 ounces of silver today, compared with the 2008 low of 47.55 ounces and the decade average of 61.99 ounces.”

Five reasons to expect gold and silver prices to be suppressed this weekCoin Update

After reaching an all time high price Monday morning, the price of gold has already dropped by about $30 and silver is down more than $1.

“There are more reasons than usual why the US government would want gold and silver prices to be in the dumps this week…”

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