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BANGKOK 21 March 2019 04:10
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The gold standard bandwagon is rolling - Thailand must climb aboard

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Blah, blah, blah, blah... Russia say like that China will do like that, the dollar will rise, fall,

go sideways, lots of heads talking but in reality no one knows what will happened in the

next five minutes, let alone what Russia China or the US will do in days or weeks...

true but anyone with an onz of brain can see where its going not in a week or am onto maybe and probably not for a few years but west has had it medium/longer term. Only question if like me your over 80 is will it be while i still live. For certain it will vein my wives lifetime and my children's lifetime and it will be massive. I see signs of to increasing and IMO huge financial disaster will occur in next few years but it could be longer. All depends time frame you work in I work in decades for my family

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This article was obviously drafted by an high-school economics enthusiast.

Sounds like he has some agenda. Accumulating gold reserves does not mean countries are going to a gold standard. That's like saying Japan is going to a Euro standard because they are buying Euros for their FX reserves.

Then he implies Indian central bank is buying gold for it's reserves. This again is false unless you consider 200 tonnes they bought in 2009 - the last time they announced purchases.

Finally there's Russia's gold purchases which appear more politically motivated than smart investing. There is no bandwagon.

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Thanon Khanthong is the managing editor of The Nation and as such gets to vent away on his gold bug fantasies every so often. ..

Yes you're right. This article wasn't even in the Business section. It's was in the Opinion section. The guy has a habit of regularly writing such rubbish as he is personally a fan of gold.

Russia, China and India have their reasons for why they accumulate gold, and there's nothing much new there.

The bit about the Swiss vote being a turning point is a great illustration of the author's bias. He talks of a yes vote being a turning point. What he fails to mention is that the no vote is ahead by double digits. The whole article is pretty much like that - taking wishful personal fantasies and throwing in a few facts and half facts here and there, combined with things that are happening which have very teunous links if any to a possible gold standard.

The simple fact is, there's no bandwagon for Thailand to jump on. Except the one in the author's fantasies which have little link to reality :)

Cheers

Fletch :)

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The USD is in its death throws regarding its place as the global reserve currency.

Returning to the gold standard will be the last stand for the Dollar.

Once significant amounts of USD have been offloaded for gold it will start a domino topple as other countries scramble to swap USD for gold before it becomes almost valueless.

Then the whole US economy will collapse.

Many already know the Federal Reserve is lying about what gold they have left. It is a lot less then they say and China has up to 5 times the amount they say.

Just this week Canada did a currency swap with China ($30 Billion I believe).

Qatar is also selling oil to China, bypassing payments in USD.

The Petrodollar is coming to an end, then 'look out below'.

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The business of Russia and the gold is completely misrepresented.

The Russian Rouble became fully convertible in 2006 but the Central Bank has never allowed it to float freely on the foreign exchange markets. Central Bank intervention has been used to maintain the exchange rate during this time which has cost them dearly in terms of reserves. It was only about a week ago that they announced that they could no longer afford to maintain this policy and the Rouble is now on free float.

It is not surprising that they have been putting gold into the reserves to prop up the currency, under the current situation they are hardly likely to use the dollar, pound or Euro.

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Couple of things:

- USD is at a four year high

- US stock markets are breaking records

- US economy is growing, unemployment at 6 year low and falling

-US is now the top oil producer in the world

- US also investing heavily in renewables.

So obviously, the US must be doomed. ;)

So, considering oil and gold will continue to slide, if your a country like Russia with huge sanctions and a collapsing economy, buying gold is about all the oligarchs can manage.

Edited by canuckoverseas

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Couple of things:

- USD is at a four year high

still doesn't mean that it's going to remain as the one and only reserve currencyermm.gif

- US stock markets are breaking records

Only because America printed money like confetti and has blown one of the biggest asset bubbles in history while 50 million are on foodstampsrolleyes.gif

- US economy is growing, unemployment at 6 year low and falling

a lot of those jobs are low paid and even temporary and you won't be able to get a mortgage on those pay rates! Lipstick on a pig

-US is now the top oil producer in the world

oil fracking in US is unsustainable at current prices

- US also investing heavily in renewables.

So obviously, the US must be doomed. wink.png

So, considering oil and gold will continue to slide, if your a country like Russia with huge sanctions and a collapsing economy, buying gold is about all the oligarchs can manage.

Edited by midas

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<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

Sure looks like gold is continuing to trend downward from its approx $1,890 USD/ounce on 22 Aug 11.....now it's around $1,200. Goldbug accumulators have basically been losing money since Aug 11. But hey, accumulate all you want...someday it will start a long term trend back up again for a while....but when that "someday" will come and how long the trend will last is anyone's guess...maybe next week....maybe 10 years from now.

Capture.JPG

“Goldbug accumulators have basically been losing money since Aug 11 “

You don't grieve over the money you pay out in insurance premiums year after year do you? alt=blink.png>

Similarly, I ( and many other gold bullion owners) don't grieve about any money lost on our gold bullion, which many regard purely as an insurance policy for what is inevitably coming…………

The Golden China Yuan Currency Is Coming

Peter Krauth writes: The U.S. dollar has been the world's de facto reserve currency for almost 90 years.

But this financial dominance may be nearing its end. it's no secret that China's been accumulating gold - a lot of gold.

http://www.marketoracle.co.uk/Article44053.html

Midas says "the golden china yuan currency is coming" , it's too bad that it will be a day late and a dollar(hahaha) short, since the chinese real estate bubble has already begun to burst and the chinese shadow banking system may not be far behind wink.png China will have enough internal strife to deal with to keep it busy for many years to come wai2.gif BTW the Swiss aren't foolish enough to pass this measure, and when it fails gold will continue to fall sad.png

There are two sides to economics. Costs versus benefits. People can try hard to paint a positive picture of recovery in USA, invariably pointing to the stock market. But there is no denying there are severe social problems (maybe soon to be seen, depending on the decision of the grand jury) in USA. How do you assess th cost to US society?

http://theeconomiccollapseblog.com/archives/10-examples-of-the-social-decay-that-is-eating-away-at-america-like-cancer

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But there is no denying there are severe social problems (maybe soon to be seen, depending on the decision of the grand jury) in USA. How do you assess the cost to US society?

Oh my goodness, the shooting of Michael Brown in Aug 14, a black man in a suburb of St Louis, by Darren Wilson a white police officer, and the pending grand jury verdict on whether to indict Wilson or not is an indicator of severe social problems in the U.S. These type things don't happen in other countries?

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It's not reported anywhere I've been able to find but it is somewhat discussed as word of mouth and at some blogs that the US has been making unannounced and substantial purchases of gold since Clinton's second term in office and that the US and the EU have worked assiduously to keep the price of gold low so the purchases can be facilitated.

The talk is that during this time the US is increasing its supply of gold from its 310 million troy ounces to somewhere near 750 million ozs and is on the road to 1 billion oz.

The 750m oz is the threshold to allow the US to revalue the USDollar to gold at $3000 per oz. This would put US gold reserves to USD $3 Trillion.

The US thus would preserve the usd as the global reserve currency and as the international currency of trade to include petrodollars. It would also allow the Fed to continue to print money to cover US government debt to fund social and military programs.

Although the gold markets during this period have fluctuated, the markets have more than cooperated by keeping the price of gold low as the means to facilitate US gold purchases.

The Fed and the secretary of the treasury represent the US on the obscure G-10 Gold and Foreign Exchange Committee of finance ministers and central bankers which operates in confidentiality, does not keep minutes or records, never reports its proceedings, deliberations, conclusions or agreements, and which deals in gold and forex values, exchanges, reserves.

The G-10 member states are France, Germany, Belgium, Italy, Japan, Netherlands, Sweden, UK, USA, Canada, with Switzerland acting as observer (many say recording secretary).

In the Swiss referendum of Nov 30th the government has broken custom by openly and strongly arguing against the 'yes' position. The small far right party that initiated the referendum are gold bugs and are Mad Max advocates of the gold standard and the destruction of the usd and of the USA. They appear to be a part of the groups that wants to drive up the price of gold.

Really, anyone who might think the US and the EU are sitting on their hands while watching Beijing, Moscow and the Brics accumulate gold for their nefarious purposes would also believe that having these same governments dominate the world would be a good thing.

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<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

But there is no denying there are severe social problems (maybe soon to be seen, depending on the decision of the grand jury) in USA. How do you assess the cost to US society?

Oh my goodness, the shooting of Michael Brown in Aug 14, a black man in a suburb of St Louis, by Darren Wilson a white police officer, and the pending grand jury verdict on whether to indict Wilson or not is an indicator of severe social problems in the U.S. These type things don't happen in other countries?

Yes, these types of things do happen in other countries. However, with conservative media (Faux News) consistently insisting that racism is dead in America, the shooting of Michael Brown, as well as numerous other deaths of black men caused by white police officers (Eric Garner, Oscar Grant, Wendell Allen, Timothy Russell, and many, many others), serve to point out the fact is that racism is alive and well. New evidence has just emerged showing that both the police departments of Ferguson and St. Louis have been lying about how far Brown was from Wilson when Wilson opened fire. The police have consistently asserted that Brown was 35 feet away, but new evidence shows that he was 148 feet away, as well as the fact that Anonymous has discovered that Wilson's girlfriend, and fellow officer of the Ferguson PD, has close ties to the KKK, which necessarily brings into question Wilson's own position on race. Midas's question was directed at the intangible costs of these types of social problems on the American economy and society. While those intangible costs may be incapable of being measured, and therefore not necessarily germane to the topic, your dismissal of his question was churlish at best, and, in itself not germane.

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<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

But there is no denying there are severe social problems (maybe soon to be seen, depending on the decision of the grand jury) in USA. How do you assess the cost to US society?

Oh my goodness, the shooting of Michael Brown in Aug 14, a black man in a suburb of St Louis, by Darren Wilson a white police officer, and the pending grand jury verdict on whether to indict Wilson or not is an indicator of severe social problems in the U.S. These type things don't happen in other countries?

Yes, these types of things do happen in other countries. However, with conservative media (Faux News) consistently insisting that racism is dead in America, the shooting of Michael Brown, as well as numerous other deaths of black men caused by white police officers (Eric Garner, Oscar Grant, Wendell Allen, Timothy Russell, and many, many others), serve to point out the fact is that racism is alive and well. New evidence has just emerged showing that both the police departments of Ferguson and St. Louis have been lying about how far Brown was from Wilson when Wilson opened fire. The police have consistently asserted that Brown was 35 feet away, but new evidence shows that he was 148 feet away, as well as the fact that Anonymous has discovered that Wilson's girlfriend, and fellow officer of the Ferguson PD, has close ties to the KKK, which necessarily brings into question Wilson's own position on race. Midas's question was directed at the intangible costs of these types of social problems on the American economy and society. While those intangible costs may be incapable of being measured, and therefore not necessarily germane to the topic, your dismissal of his question was churlish at best, and, in itself not germane.

No, not churlish and actually quite germane. Just responding to a contributor with a kitchen sink full of non sequiturs.

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Yes, these types of things do happen in other countries. However, with conservative media (Faux News) consistently insisting that racism is dead in America... the shooting of Michael Brown, as well as numerous other deaths of black men caused by white police officers (Eric Garner, Oscar Grant, Wendell Allen, Timothy Russell, and many, many others), serve to point out the fact is that racism is alive and well. New evidence has just emerged showing that both the police departments of Ferguson and St. Louis have been lying about how far Brown was from Wilson when Wilson opened fire. The police have consistently asserted that Brown was 35 feet away, but new evidence shows that he was 148 feet away, as well as the fact that Anonymous has discovered that Wilson's girlfriend, and fellow officer of the Ferguson PD, has close ties to the KKK, which necessarily brings into question Wilson's own position on race. Midas's question was directed at the intangible costs of these types of social problems on the American economy and society. While those intangible costs may be incapable of being measured, and therefore not necessarily germane to the topic, your dismissal of his question was churlish at best, and, in itself not germane.

Yes, racism is alive and well--in most every country in the world in one form or another....it takes so many forms. Faux News is indeed probably a better name for FoxNews. Whenever I want to see how the Democrats are destroying America I only need to go to FoxNews and look no farther than their front page headlines. And then if wanting to see how the Republicans are destroying the America I just go to a far left news site like the Huffington Post.

But when it comes to intangibles that's all in the eye of the beholder based on their view of world. Racism in America has been around since folks started coming to America around the 1600s, four hundred years ago. Maybe racism needs another 400 years to have a tangible impact on the USD and gold....I won't be around to find out.

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<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

But there is no denying there are severe social problems (maybe soon to be seen, depending on the decision of the grand jury) in USA. How do you assess the cost to US society?

Oh my goodness, the shooting of Michael Brown in Aug 14, a black man in a suburb of St Louis, by Darren Wilson a white police officer, and the pending grand jury verdict on whether to indict Wilson or not is an indicator of severe social problems in the U.S. These type things don't happen in other countries?

Yes, these types of things do happen in other countries. However, with conservative media (Faux News) consistently insisting that racism is dead in America, the shooting of Michael Brown, as well as numerous other deaths of black men caused by white police officers (Eric Garner, Oscar Grant, Wendell Allen, Timothy Russell, and many, many others), serve to point out the fact is that racism is alive and well. New evidence has just emerged showing that both the police departments of Ferguson and St. Louis have been lying about how far Brown was from Wilson when Wilson opened fire. The police have consistently asserted that Brown was 35 feet away, but new evidence shows that he was 148 feet away, as well as the fact that Anonymous has discovered that Wilson's girlfriend, and fellow officer of the Ferguson PD, has close ties to the KKK, which necessarily brings into question Wilson's own position on race. Midas's question was directed at the intangible costs of these types of social problems on the American economy and society. While those intangible costs may be incapable of being measured, and therefore not necessarily germane to the topic, your dismissal of his question was churlish at best, and, in itself not germane.

Ah yes another clueless wonder here on thaivisa rolleyes.gif The facts of this case are not known to anyone other than the grand jury and officer Wilson so you can stop with your insane partisan conjecture. We will all know the verdict and the facts of this case next week since in a rare instance for a grand jury everything will be made public, as far as murders of young black men in the U.S. goes 97% of all murders are BLACK ON BLACK CRIME, white on black crime is an extreme anomaly in the U.S. and those are the facts my friend, so you know where you can stick your racist BS wink.png Now go back and tune in NPR radio or MSNBC and stick your head back in the sand wai2.gif

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