Replies to post #23911 on Colorado Goldfields Inc. (fka CGFI)

[RKYMNT4]

Thanks M-T, and I'll take a nice marinara with a spicey meat-a ball-a. LOL

[MRDALE]

Interesting reading!!


Resort to SDRs for next bailouts will spur rush to gold, Rickards says


Submitted by cpowell on 08:31PM ET Tuesday, September 13, 2011. Section: Daily Dispatches
11:32p ET Tuesday, September 11, 2011

Dear Friend of GATA and Gold:

Geopolitical analyst James G. Rickards, who spoke at GATA's Gold Rush 2011 conference in London last month, tonight tells King World News that the major Western industrial powers are likely to start resorting to the "Special Drawing Rights" of the International Monetary Fund for the cash needed for the next round of bailouts. And when that happens, Rickards says, "the game really is over. It will be very transparent that we're just replacing one kind of paper money with another kind of paper money and that is going to accelerate the rush to gold."

If Rickards says it, ordinarily it's a lock, but let's add one contigency. As long as prospective purchasers of gold are content to leave their metal in the custody of bullion banks like HSBC and J.P. MorganChase, forfeiting their metal to the Western central bank fractional-reserve gold banking system, where their metal is turned against them, then infinite amounts of imaginary gold, paper gold and gold derivatives, will be able to keep suppressing the gold price indefinitely.

Russia has known this since at least 2004:

http://www.gata.org/node/4235

China has known this since at least 2008 or 2009:

http://www.gata.org/node/10380

http://www.gata.org/node/10416

Venezuela seems to have figured it out this year:

http://www.gata.org/node/10281

http://www.gata.org/node/10286

And even Goldman Sachs, formerly a participant in the scheme, is now heavily hinting about it:

http://www.gata.org/node/10408

But the Western financial news media resolutely refuse to get near the issue, though GATA has handed the documentation to many of their top journalists and has patiently explained it to some of them. (At least one such journalist was courteous enough to be a little apologetic in walking away from it the other day.)

If the Western central banking system and its agents can keep creating paper gold as easily as they can create SDRs, Western financial journalism may have many more years of noting smugly, without expressing the slightest curiosity, that gold isn't keeping up with inflation. The conclusion will be a matter of the readiness of any of the Eastern powers to pull the plug on the scheme when they decide that they have adequately hedged their exposure to the currencies of the gold price-suppressing Western powers.

An excerpt from the King World News interview with Rickards is headlined "Monetary System Will Go Gold Soon" and you can find it here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/9/14_Ji...