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« A Chance to win 20 ozs of Endeavour Silver | Main | A Comeback for Gold-Backed Money? »

Richard Russell: Gold is the Safest Currency

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Speaking at the Casey Research Gold and Resource Summit, Richard Russell told the audience, “I’d feel much better holding everything I own in gold. Holding dollars means holding a depreciating asset and I feel much more confident holding gold.” He went on to say, “The good part about gold is it can’t go bankrupt and it’s very hard to manipulate gold because it’s international. I know the Fed would love to manipulate gold but it can’t control it because it’s traded all over the world, every hour of the day and night.” We’ve got these highlights and more from a Q&A with Richard Russell in the video below.

Please click here.

Are you satisfied with the amount of gold you own if monetary and fiscal circumstances deteriorate? Are you prepared to profit from the mania in precious metals that Doug Casey projects is ahead? If not, start the year right with a risk-free trial to BIG GOLD, where we list the safest dealers to buy physical metal and the best stocks to profit from the ongoing bull market. Check it out here.

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Reader Comments (3)

The question that is bugging me is about the gold situation. Most of the writers all seem to believe that at some time in the close future the gold price will rise way up, like $2G, $3G, and higher. Ok, I like that.
I have this gnawing thought, though, that the present administration in its inept planning will be looking for a way out of the hole in which they will find themselves, and will do what Roosevelt did by issuing an Executive Order to confiscate gold and silver. The Congress could declare that a serious emergency exists. The President will declare, as Roosevelt did, "that the continued private hoarding of gold and silver by subjects of the United States poses a grave threat to the peace, equal justice, and well-being of the United States; and that appropriate measures must be taken immediately to protect the interests of our people".
The President also took care of the debtors' problems. He devalued the dollar by 40% permitting debtors to repay their loans in depreciated dollars. He declared gold clauses unenforceable, preventing wealthy creditors from avoiding the impact of the devaluation. He arbitrarily fixed the price of gold, from $20.67 per fine ounce, to $35.00 per ounce.
A couple of opinions that I received from other newsletter writers, maintained that this scenario would not happen. Since I do not put much past the current very liberal, socialist administration, I feel that it could happen maybe not exactly the same way, but in some manner.

March 14, 2011 | Unregistered CommenterJohn Ell

Well let them try and fix the price. How are they going to control the price of gold in the overseas markets? how are they going to tell the Cinese, the biggest producers, what the value of their gold is ? We live in a different world to that of Roosevelt. Maybe for those of us who live outside the US it would be the best thing that could happen if it tried this.
Gold Prices thoughts would be of interest

March 15, 2011 | Unregistered Commentergold bug

Eee-yuck. Gold is down $45 in spot trading.

March 15, 2011 | Unregistered CommenterDavid

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