(by Half Dollar) Hat tip to Jason for bringing this to our attention!
I’m not sure if this is funny, or just pathetic.
Or simply profit motivated?
Because how can a hedge fund manager make any money if you have a one ounce Gold American Eagle in your pocket?
But I digress.
Now, I will admit, I have no idea who Crispin Odey is, other than some European Hedge Fund Manager as indicated in the article, so please excuse my ignorance in advance if he’s some dude in the gold & silver space that I’m supposed to be impressed by.
Regardless, here’s a little bit of the fear mongering from MarketWatch (bold added for emphasis and commentary purposes):
‘It is no surprise that people are buying gold. But the authorities may attempt at some point to de-monetise gold, making it illegal to own as a private individual. They will only do this if they feel the need to create a stable unit of account for world trade.’
Here’s the thing: All around the world, gold is money, and gold is universally recognized as such, as is silver.
Said differently: Gold has been, is, and will be money, and nothing will change that.
Whether gold is officially money, not officially money, illegal, legal, or whatever, gold and silver have been, are, and will be money.
That can’t be overstated enough, so let me just state it one more time in a different way: When all else fails, there’s gold (and silver).
Now, if you are an American, the fact that we are not earning, saving and spending gold & silver coins as required by the US Constitution should be appalling, because it’s not really even a choice.
That said, to anybody who’s worried the government’s coming for your gold, watch this video:
Let’s continue with the hit piece:
That’s Crispin Odey, a European hedge-fund manager known for stealing headlines with his doomsday predictions, explaining in a note posted on Bloomberg News on Wednesday why he believes that private gold ownership could be banned if the government loses control of inflation.
The government will lose control of inflation.
Just look at the outcome of any fiat currencies of the past.
(spoiler alert – they have all failed, and so too will the unbacked, debt-based fiat currency system that’s forced upon the entire world today)
Odey said that when the economy recovers from the coronavirus pandemic, which he has likened to the Great Depression, central banks won’t be able to contain inflation.
“History is filled with examples where rulers have, in moments of crisis, resorted to debasing the coinage,” said Odey, who has raised his gold position in his flagship Odey European fund all the way up to 39.9% as of the beginning of the month from 15.9% at the end of March.
The fund cashed in on the initial market crash with a 21% surge in March, according to the letter. It dropped 9.5% in April as investors warmed back up to a risk-on approach.
Fear of government confiscation, as Bloomberg News explained, is often discussed among serious gold bugs — it happened in the U.S. in 1933 — but with major currencies no longer linked to gold, there are no signs such a move is realistically even being considered by central banks.
“Fear of government confiscation is often discussed among serious gold bugs”?
I know some “serious” gold bugs.
A whole lot of them.
And we never discuss confiscation.
So understand this very clearly: That is a bold-faced lie and second rate propaganda.
It is laughable to think gold bugs are worried about confiscation.
Although when your job is to pump the paper financial markets, you’ve got to use whatever dirty tricks full of lies and propaganda you can to hopefully cause people to turn away from gold (and silver).
Anyway, I’ve got to cut this one short because I’ve got to get back to looking for something.
You see, I lost my gold & silver bars last week, and I still can’t find them!
Such is my luck.