Books Foretell Death of Paper Money
Gold last traded at $1,269 an ounce. Silver at $17.66 an ounce.
NEWS SUMMARY: Precious metal prices rose Wednesday on technical buying and bargain hunting. Stocks traded mixed, helped by rising oil prices and cheery Fed data showing "moderate" economic growth.
Why gold will rise no matter who becomes the next U.S. president -Marketwatch
"Gold prices have enjoyed a hefty climb so far this year as the market continues to guess the pace and timing of the next U.S. interest-rate hike, but the battle for the U.S. presidency is set to take center stage as Election Day nears. And it doesn't matter if Republican Party nominee Donald Trump or Democratic Party nominee Hillary Clinton moves on to be the next president of the United States - gold is likely to come out a winner, George Milling-Stanley, head of gold investment strategy at State Street Global Advisors, told MarketWatch....'There can be little doubt that a Trump victory would be disruptive in both political and economic terms, given that this is what the candidate has promised,' he said. 'I would expect gold prices to head higher on increased safe-haven buying in the event of a Trump victory.'....Gold probably wouldn't see quite as dramatic a rise in the event of a Clinton win, compared with Trump, but Clinton as president is expected to have inflationary implications, which would imply higher gold prices as well, he said."
Craig Smith Comment: Gold is setting up for what appears to be a major move. The buying power of the U.S. dollar may be set to resume its long-term downward trend. Our 35-year position: gold is a long-term insurance policy against domestic and international economic uncertainty and devaluation of currencies. For the first time since Brexit, gold and silver prices are at attractive levels. (Read more in our 2016 Gold Report - World Edition)
Apple's Next Goal Is Killing Paper Money Once and For All -Fortune
"Who needs cash, anyway? Apple CEO Tim Cook has an idea for the future - eliminating cash. Apple Pay could be the 'catalyst' that ultimately gets the world to switch from cash to digital payments, he told the Japanese news service Nikkei in an interview published on Monday. 'We would like to be a catalyst for taking cash out of the system,' Cook said. 'We don't think the consumer particularly likes cash.'....It's unclear how Apple could achieve Cook's goal of eliminating cash. Apple Pay must be linked to plastic to work, and while smartphones and payment terminals are ubiquitous in the U.S., that's not the case in most other countries. And even then, Apple Pay is only compatible with Apple's own products, leaving the more than a billion people worldwide who use Android-based handsets out of luck."
In their 2016 book Money, Morality & The Machine: Smith's Law in an Unethical, Over-Governed Age, Craig R. Smith and Lowell Ponte begin Chapter Four, "The Money Changers" (page 91), by quoting Apple's Tim Cook saying "Your kids will not know what money is." In their 2012 book, The Great Debasement: The 100-Year Dying of the Dollar and How to Get America's Money Back, Smith and Ponte explain (on page 218) Google Chairman Eric Schmidt's abandoned idea for "Google Bucks" as an alternative to government currencies controlled by central banks. In several other Special Reports Smith and Ponte discuss the government push for a "cashless" society. (Find out more with this amazing free book offer! )
How Debasing The Dollar "Devalues" Us -PR Buzz
"For thousands of years, governments have tried to get something for nothing by debasing their nations' money - by minting coins with less precious metal than before, or by printing paper money unbacked by gold, silver or productivity. Giving politicians the power to conjure such easy money out of thin air like this, said P.J. O'Rourke, is like giving whiskey, car keys and an unlimited credit card to teenage boys. It cannot end well. This is one big reason why the United States is in decline, writes monetary expert Craig R. Smith in his new book Money, Morality & The Machine: Smith's Law in an Unethical, Over-Governed Age. Bad money drives out good, wrote economist Sir Thomas Gresham in 1558 after King Henry VIII stole three-quarters of the silver in England's coins. People would pocket the old coins with more silver and spend the re-minted, less valuable coins. Gresham's Law points to another truth that Craig R. Smith, a frequent guest on Fox Business and other business media, recognized more than 450 years later - that bad money drives out good values in society." (Amazing free book offer! )
A recession is coming - so hide in gold, says influential investor Raoul Pal -Marketwatch
"Mirror, mirror on the wall, which asset is most mispriced of all? According to a Goldman Sachs alum who predicted the financial crisis in 2008, it's gold. The precious metal should be a lot more expensive when the likelihood of a global financial collapse and a move toward negative interest rates is accounted for, says Global Macro Investor founder Raoul Pal, who now sees a U.S. recession within 12 months....'As we get to negative interest rates, gold is a good place to park your cash,' said Pal, who discussed his outlook with MarketWatch in a September interview and a follow-up conversation over email. 'I'm not a gold bug,' the former GLG Global Macro Fund co-manager - who is also watching the dollar closely - 'but this is the currency I would choose now.'....'All the really serious thinkers are interested in gold,' he said."
This Expert Is Sticking to $1,900 Gold Call, $25 Silver -The Street
"Although gold prices have come under pressure the past few weeks, Monty Guild, founder of L.A.-based Guild Investment Management says he remains bullish, and is still calling for the metal to climb up to $1,900 an ounce within a two- to four-year time frame....'Technically, gold is at the end of its corrective phase; it could have one more wave down, maybe by a few bucks,' Guild said. He is forecasting the Federal Reserve to hike interest rates by 25 basis points in December and then says, gold should hit $1,400 an ounce. Guild sees inflationary trends developing outside the U.S. and tensions in the Middle East as bullish factors for the yellow metal."
More: Swiss America Gold Market News
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Latest Feature Commentary
Major Long-Term Reversal Triggered In Gold and U.S. Dollar
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