Abracadabra00' on 'Barrick Gold Corp. (ABX :-) following mark #2 to you my friend -
"America has by default ended up with the world’s reserve currency and therefore , get the world to work for them in exchange for an ever increasing supply of printed greenbacks."
Sounds about right. The Fed prints money with no concern for inflation at all. Fiat currencies might be great very short term, but long term it is a recipe for disaster in my opinion. Fed needs to start buying gold. LOTS of gold :-)
Metals, Currency Rigging Worse Than Libor, Bafin’s Koenig Says By Karin Matussek and Oliver Suess Jan 16, 2014 4:00 PM PT 18 Comments
Germany’s top financial regulator said possible manipulation of currency rates and prices for precious metals is worse than the Libor-rigging scandal, which has already led to fines of about $6 billion.
The allegations about the currency and precious metals markets are “particularly serious, because such reference values are based -- unlike Libor and Euribor -- typically on transactions in liquid markets and not on estimates of the banks,” Elke Koenig, the president of Bafin, said in a speech in Frankfurt yesterday.
Koenig is the first global finance regulator to comment publicly on the investigations as probes into the London interbank offered rate, or Libor, expand into other benchmarks. Joaquin Almunia, the European Union’s antitrust chief, said this week that its preliminary probe into possible foreign- exchange manipulation covers similar practices as in the regulator’s probe into Libor-rigging.
Bonn-based Bafin said earlier this week it is investigating currency trading, joining regulators in the U.K., U.S. and Switzerland, who are examining whether traders at the world’s largest banks colluded to manipulate the WM/Reuters rates, used by money managers to determine the value of holdings in different currencies.
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