"Of course, it was not a good idea for Australia to sell most of its gold and for Canada to sell all of its gold. The timing of these sales was also some of the worst ever. Beyond this, these central banks acted irresponsibly and had no accountability to the populations of their nations. Gold is the wealth of ages, the sovereign wealth of a nation. It is not some securitized financial asset to be sold and squandered by statist central bankers who answer to no one...
Some of the gold that the Western central banks still claim that they hold is in fact not there at all. It has been leased out in London, sold and shipped abroad, and now sits in China or India, and all the while the Western central banks still claim that this gold is on their balance sheets as they maintain the fiction that ‘gold receivables’ are in fact the same as physically held gold.
All central banks that store gold bars at the Bank of England should now sit up and take note that storing gold at the Bank of England is a wealth hazard fraught with political and confiscational risk.
It is irresponsible that Australia not only sold a majority of its gold at fire sale prices in 1997, but that it has since done nothing to rebuild its strategic monetary gold reserves. All the while, the Asian powers of China and Russia have been doing just that. As one of world’s largest gold mining producers, Australia also has the means at its disposal to rebuild its gold by tapping into primary gold production."
Ronan Manly, Australia's Gold at the Bank of England
"Do not say, “No one can have power over me”
for the Lord will surely chastise you.
Do not say, “I have sinned, and nothing has happened to me yet”
for the Lord is slow but sure in his judgement.
Do not be so confident of forgiveness
that you foolishly add sin upon sin upon sin."
Sirach 5:3-5
“How you are fallen from heaven,
Gustave Doré, The Fall of Lucifer
Lucifer, son of the morning!
How you have been cut down to the ground,
You who cowed the nations!
For you said in your heart:
‘I will ascend into heaven,
I will exalt my throne above the stars of God;
I will sit on the mount of the most holy
On the farthest sides of the north;
I will ascend above the heights of the clouds,
I will be like God.’
Isaiah 14:12-14
Today was an option expiration on the Comex. And the price was knocked down sharply in the day trade. What a surprise.
There was an interesting withdrawal of gold on offer at today's prices which occurred yesterday in the NY Comex warehouses.
The physical inventory in Hong Kong also continued to see net outflows.
Stocks continued to flounder at these levels. The economy is out of balance, and is not sustainable without continuing infusions of liquidity.
We do not suffer from an abundance of evil, so much as a broad lack of virtue and good.
Are we not exceptional? Are you not entertained?
Have a pleasant evening.
