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September 21, 2019

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3 Reasons to Go Bullish on Gold

The price of gold fell sharply Wednesday, marking its biggest one-day drop in three weeks, but some professional traders remain bullish on the precious metal.

From the floor of the New York Mercantile Exchange, trader Anthony Grisanti said he likes gold [GCCV1 1723.10 6.60 (+0.38%) ] for several reasons. To start, he pointed out that the price of gold fell after a single customer sold 15,000 contracts of gold as soon as the market opened Wednesday.

“Let me put that in context — we’ve already done, by 10 o’clock this morning, the volume we usually do in gold for a day,” said Grisanti, founder and president of GRZ Energy. “These weren’t new shorts coming into the ring. These were longs that were liquidating. Profit taking.” More...

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The 1930s All Over Again?
Then, as today, societies were uncertain about which model of society to strive for and how to repair monetary systems. Societies bet on the wrong ideas; we may be committing similar mistakes now.

Many people draw parallels between today and the 1930s, labeling this the Great Recession. They note the high unemployment rate, referring not to the mismeasured, official statistic, but to the number more than double that rate, which also accounts for those who dropped out from the labor force and are no longer counted as “unemployed.” Others worry about the deflationary risk, the dollar devaluation, and the status of the U.S. dollar as reserve currency. More...

Would a one-dollar coin save Americans money?
Here is an article noting that the U.S. Treasury would save $147 million by switching its $1 note with a $1 coin, but that proposal faces opposition not only from the supplier of paper, but also from a majority of Americans.

From a Swedish perspective, changing to a $1 coin would seem natural considering that here the highest valued coin, the 10 krona coin, is worth more, roughly $1.5, 6 times more that of the highest valued U.S. coin and 1.5 times more than a $1 coin would be worth.

Still, even stranger from a Swedish perspective is however the coins that are still around, especially the penny. More...

Featured Commentary:

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Gold Can Save Us From Disaster
A new gold standard is crucial. The disasters that the Federal Reserve and other central banks are inflicting on us with their funny-money policies are enormous and underappreciated. An unstable dollar is wreaking havoc on our capital markets, depriving us of money for productive enterprises and future enterprises while subsidizing government debt on a scale never before seen in U.S. history. The zero-interest-rate policy destroys capital by punishing savers and enabling the central bank to allocate where capital goes. By definition such central planning means subpar or negative returns. No one believes, given the finances of the U.S. government, that a ten-year Treasury bond should yield only 1.8%. More...

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