Gold Money

Before looking at the year ahead, it is useful to look back at the year just passed. This adage is particularly true now because little has changed.

Something’s afoot in gold and silver…

The GoldMoney group launches a new digital currency-focused company in the UK. Netagio Limited (Netagio) will be offering Europe’s first free ‘cold’ storage service for digital currencies, such as Bitcoins.

Gold and silver prices fell from early highs this week of over $1240 and $20.20 respectively to find good support at $1220 and $19.40.

It has been a difficult week for the precious markets as gold dropped by 3.2% and silver by 3.9% which means that gold and silver are now back to price levels last seen in July and August respectively.

This has been a quieter week for trading activity by GoldMoney customers compared with the previous 2 weeks although still above average 3 month trading levels.

From 2006 the Bank of England’s Annual Report has declared the quantity of gold in its custody, including the UK’s own 310 tonnes.

Many people believe there is a significant risk that the Irving Fisher debt-deflation theory of great depressions is still an economic threat today.

Up until the late 1960s, it was considered prudent for everyone to have some savings. By forgoing consumption, savings gave the ability to consume more at a later date through the accumulation of interest income.

The following is GoldMoney contributing author Felix Moreno’s interview with famed investor Jim Rogers. We hope you enjoy it.

In January of this year I published a piece on the “fair gold price” in order to demonstrate that, if one was to simply treat the gold of all international central banks as the world’s true, reserve currency – as history has held it as for over hundreds, if not thousands, of years

Regular readers will know I am in the inflation, possibly hyperinflation camp; but there are those that think the future is more likely to be deflationary. In the main this is the view of neoclassical economists, Keynesians and monetarists, who generally foresee a 1930s-style slump unless the economy is stimulated out of it.