"Gold has worked down from Alexander's time. When something holds good for two thousand years I do not believe it can be so because of prejudice or mistaken theory."
Bernard Baruch
"The commerce and industry of the country, however, it must be acknowledged, though they may be somewhat augmented, cannot be altogether so secure, when they are thus, as it were, suspended upon the Daedalian wings of paper money, as when they travel about upon the solid ground of gold and silver."
Adam Smith, Wealth of Nations, p. 262
"Gold is unique among assets, in that it is not issued by any government or central bank, which means that its value is not influenced by political decisions or the solvency of one institution or another."
Salvatore Rossi, Chief of the Central Bank of Italy, 30 Sept 2013
"There can be no other criterion, no other standard than gold. Yes, gold which never changes, which can be shaped into ingots, bars, coins, which has no nationality and which is eternally and universally accepted as the unalterable fiduciary value par excellence."
Charles De Gaulle, February 4, 1965
"Specie [gold and silver] is the most perfect medium because it will preserve its own level, because, having intrinsic and universal value it can never die in our hands, and it is the surest resource of reliance in time of war."
Thomas Jefferson, Letter to John Wayles Eppes, 6 November 1813
“Those entrapped by the herd instinct are drowned in the deluges of history. But there are always the few who observe, reason, and take precautions, and thus escape the flood. For these few gold has been the asset of last resort.”
Antony C. Sutton
Stocks were in risk on rally mode today.
And the spokesmodels with fluttering pom-poms were cheering them on.
AI, AI, hear our cry, V - I -C - T - O - R - Y
VIX fell to its multiyear low.
Gold and silver rallied, going out near the highs.
The Dollar fell sharply.
What's wrong with this picture?
Let's see how the Non-Farm Payrolls report prints tomorrow.
And how the markets choose to take it.
Its really not about the economy anymore, it's all about the Fed.
That's because as the sum of their policy errors and abuses, the Fed has become the market.
Have a pleasant evening.
