Greenspan’s Warning About Gold Echoes After Fed Speaks
Greenspan’s Warning About Gold Echoes After Fed Speaks
Regular readers of these columns know that we prefer not to speak of the “price of gold” but rather of the “value of the dollar.” Kitco’s reporter quoted the managing director of Trend/Max Futures, Zachary Oxman, as saying the Fed “all but confirmed” quantitative easing and predicting that the value of the dollar would fall below a 1,300th of an ounce of gold by the end of this week and to between a 1,400th of an ounce and a 1,500th of an ounce of gold by the end of the year. That would mean that the dollar would have dropped from a 271st of an ounce on January 1, 2001.
Is Matt Drudge the only editor of a general interest publication who understands the front-page nature of this collapse? This is not about a sudden failure of the mines. Or a sudden manufacturing need. This is about a failure of the Congress to carry out its responsibilities under the Constitution.
Regular readers of these columns know that we prefer not to speak of the “price of gold” but rather of the “value of the dollar.” Kitco’s reporter quoted the managing director of Trend/Max Futures, Zachary Oxman, as saying the Fed “all but confirmed” quantitative easing and predicting that the value of the dollar would fall below a 1,300th of an ounce of gold by the end of this week and to between a 1,400th of an ounce and a 1,500th of an ounce of gold by the end of the year. That would mean that the dollar would have dropped from a 271st of an ounce on January 1, 2001.
Is Matt Drudge the only editor of a general interest publication who understands the front-page nature of this collapse? This is not about a sudden failure of the mines. Or a sudden manufacturing need. This is about a failure of the Congress to carry out its responsibilities under the Constitution.