– What Keynes would think of today’s “Neo-Keynesians”- Unlike his acolytes, he understood the value of gold and the dangers of currency debasement- Keynes did not desire “a world where currencies are backed by nothing more than a governmental promise to pay while the printing presses whirled unchecked”– Keynes would have been “puzzled that his theories are associated with aggressive currency debasement and a rabid hostility to gold”
– With “today’s economic vista of near-zero interest rates and quantitative easing, it is clear that he would be buying gold hand over fist â€¦”
Richard Hurowitz, Â an investor and the publisher of the Octavian Report, has written an excellent article in the Wall Street Journal in which he takes to task the “neo-Keynesians” who have used Keynes and his work as a cover for financial and monetary profligacy that Keynes himself would be shocked by.
DAILY PRICESToday’s Gold Prices: USD 1129.30, EUR 1009.11 and GBP 729.66 per ounce.Yesterday’s Gold Prices: USD 1136.85, EUR 1007.27 and GBP 732.86 per ounce.(LBMA AM)Gold in EUR – 5 DaysGold ended with a loss of 0.5% and fell to $1.133.20 per ounce yesterday while silver rose 4 cents to $15.19 per ounce. Gold in euros is testing recent resistance at the â‚¬1,115 per ounce level and has reached its highest in nearly three weeks today.
In Singapore, gold bullion ticked a little higher and maintained those gains in London, hovering just below the $1,135 per ounce level. Silver prices are 1% lower to $15.10 today, while platinum and palladium are lower too.
Â IMPORTANT NEWSGold Holds Drop as Lockhart Remarks Strengthen Rate-Rise Outlook â€“ BloombergGold retains losses as firmer dollar, stocks dent safe-haven demand â€“ ReutersGold settles with a loss as the dollar strengthens â€“ MarketWatchU.S. existing home sales fall more than expected â€“ ReutersRussian Billionaire’s Miner Sees Gold Pain as Buying Opportunity â€“ BloombergÂ IMPORTANT COMMENTARY
Greece’s new government and the Troika have to face the awful truth â€“ Bloomberg
In 10 years, banking will look like a sci-fi film â€“ The TelegraphMartin Armstrong Warns “Hell Is About To Break Loose” â€“ Zero Hedge