[Posted Nov 13, 2009]

Week's Money Roundup: Gold Rush

A.C. Bhaktivedanta Swami

Dollar doldrums sparks gold high

Headlines of note:

Gold price hits record high as dollar wanes

Breitbart Nov 9, 2009 - Gold prices hit a record above 1,100 dollars on Monday with the dollar weakening after a pledge by G20 countries to keep economic recovery pumped up with easy money. go to story

Dow vs Gold

When Currencies Crash

The Daily Reckoning Nov 11, 2009 - DR. MARC FABER The US is dedicated to debasing its currency. Are you ready?. go to story

Chart of the Day: The Dow priced in gold

Reuters Nov 11, 2009 - ROLFE WINKLER

Gold keeps on surging, hits new high of $1,119

Yahoo! News Nov 11, 2009 - SARA LEPRO The price of gold surged to a fresh high Wednesday as the dollar fell to a 15-month low. go to story

Barrick shuts hedge book as world gold supply runs out

Telegraph Nov 11, 2009 - AMBROSE EVANS-PRITCHARD The supply crunch has helped push gold to an all-time high, reaching $1,118 an ounce at one stage yesterday. The key driver over recent days has been the move by India's central bank to soak up half of the gold being sold by the International Monetary Fund. It is the latest sign that the rising powers of Asia and the commodity bloc are growing wary of Western paper money and debt. go to story

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If you don't speak up and call for an end to the cheating...

The cheating goes on as long as you accept to be cheated A.C. Bhaktivedanta Swami

Actually it is not money. You are befooled. You are such a fool that you accept a piece of paper as money. Therefore I say you are rascal. That is my business. If I say "Government, give me gold," and government has passed law, "No, you cannot possess gold," that means cheating. How I shall keep gold, that is my business. First of all you give me gold. It is due to me. But you are giving me paper. That means cheating is begun from you. more

People want to be cheated

excerpt from converation, Los Angeles, Dec 31, 1973

PRABHUPADA: It is very simple. Don't accept paper currency. It must be gold or some metal worth. Just like one dollar, it must be worth one dollar metal. Then it is solved. But they want to cheat. How it can be solved? Because if I pay you one dollar, I must pay you value for one dollar. But it is the cheating process is going on, "I pay you one dollar, a piece of paper. That's all." So you accept cheating, and I also cheat. Government allows. So how the problem can be solved? It is cheating. But the government allows it as law. And you accept, I accept. Then how they can be solved, solution? This is the solution.

PRAJAPATI: In the economy itself there isn't actually enough money to, that's even in the banks...

PRABHUPADA: That is cheating. Therefore I say cheating. I have no money. I give you simply paper. I promise to pay hundred dollars. What is the use of that promise if I have no money? But you want to be cheated. I cheat you. That's all. You are satisfied of being cheated by me; so I take the advantage and I cheat you. I give you a paper. That's all.

BAHULASHVA: Real money is gold and silver.

PRABHUPADA: Any... It must be value. According to the market price, it must be value. Whatever it may be. Gold is taken, because gold is the most valuable metal. A small piece of gold, it can carry two hundred dollars. But if I give you iron, then you have to bring another, what is called, bus, to carry it. [laughter] So therefore gold standard is accepted everywhere. There is a standard price of gold, so when I pay you money, it must be, carry the value in gold. That's all. Then there is no inflation. The people want to be cheated, and people cheat. That's all.

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