By David Lew
A day after Commodity Online published a commentary on George Soros and IMF gold, I have been flooded with e-mails, supporting and abusing Soros, Gold reserves, the great historical value of gold and how the rich is cheating the poor on the alter of the yellow metal.
Gold is a great asset into which investors are piling their money these days. Investors include our renowned names like George Soros, Jim Rogers, Jim Sinclair etc. They are, indeed, right in pouring money into gold, for gold is the real wealth on which central banks across the world are assessing their countries’ monetary stability.
READ: Why George Soros is after IMF gold
Gold is fast replacing the US dollar as the foreign exchange reserve by many countries including India and China, the developing economic tigers. India recently bought 200 tonnes of gold from the International Monetary Fund (IMF). China eagerly wants to buy IMF gold. So are Brazil, Sri Lanka and Russia.
Now, coming to the point. There are lots of arguments and counter-arguments on George Soros’ proposal that IMF should sell its gold reserves to allocate the money to back carbon projects in the developing world.
Kindly find a few e-mails out of the dozens I received on George Soros and IMF gold. Happy reading:
cooleddy1@aol.com
I have read your article about gold. My question is this: does what is occurring in the International Monetary fund result in the decline in the price of gold. Some people have been predicting that the price will rise to as much as $2500.00 an ounce. Since the price has recently dropped, and in view of Soros' involvement, is this a harbinger for a severe drop in both the short term and long term price of gold?
Dave Colonel andy20@uniserve.com
Mr. Lew
Your comments about your dearest Mr. Soros:
Yes, it is a wonderful idea all right-for George, you can be well assured. The super rich, in their obsession with ever gaining more riches and more power, always advocate grand schemes to "help the poor." Somehow, everyone but the super rich and powerful, really does find that the schemes, small or grandiose, always ends in another move to his own personal path poverty. Socialistic type baloney.
You can be sure there is motive here which is not so plain to see, but only the super gullible, the very credulous, clap their little hands in delight.
Of course, I have no proof of this, but is just what is in my mind.
Regards
Dave Canada
Jim Hasak jim@jimhasak.com
You touched on the point but did not emphasize it: Soros suggests the IMF raising funds – not to feed the hungry or provide clean water to the millions without it or fight disease, but for green projects. And this at a time when the credibility of the Global Warming pushers has begun to crumble.
Thank you for the opportunity to share this comment with you.
Jim Hasak
rnobel@cox.net
To David Lew,
YOU WROTE:
Interesting statistics on Gold reserves from IMF. Now, let us wait and watch whether IMF and global political leaders would take the cue from George Soros and use gold reserves to the betterment of the developing world.
My Comment Is This...
Gold has been the standard of wealth for millennium. In other words, gold is the FOUNDATION of all monetary wealth.
This may SHOCK many people who are not familiar with the LONG TERM history of ALL financial systems.
Even the modern currency called THE U. S. DOLLAR was founded on the GOLD STANDARD.
The fact remains that currency that is simply PAPER BASED (or cotton), cannot FLOAT on it's own without the FOUNDATION it was founded on. Simply stated, The Value of the Underlying Country's Wealth cannot sustain a manufactured currency all by itself.
So if GOLD is at $265 or at $1115 (today's price), or at its high against the U.S. Dollar of $1227 per ounce, all currencies MUST have GOLD at their foundation, and upon their foundation.
If a country or individual said, We/I will simply give you an I OWE YOU (paper) and you give me this or that this simply does not FLY in the HUMAN PSYCHE.
Nice article by the way Excellent work!
And,thank you.
Sincerely,
Roger Nobel
western USA
(Trader, and Investor)
Ron Munroe ronm@ccvcorp.com
Why doesn't George loan his own gold interest free to these poor
developing nations, David??? Would that get more kudo's from you for
doing such charitable thing. What you don't get is your hero George Soros is the worst of all characters, everything is for show and his
personal benefit. Liberals like you and George are really great at
giving other peoples money away.
How thoughtful and caring, BS.
I am one of the few left that work and earn my income from serving those in the free market. Why don't you get a real job and produce something or value besides, poor literature.
David Lew is a bullion commentator with Commodity Online. You can contact him at info@commodityonline.com
