The Phaserl


Open Letter To CPM Group

“Gold isn’t condensed fear, it’s condensed labour”

by Koos Jansen, In Gold We Trust:

On January 15, 2013 CPM Group released a Market Alert addressing the facts and fantasies being spread throughout the mainstream media and the financial blogosphere regarding Chinese central bank gold purchases. An endeavor much appreciated by me as I’m highly concerned with credible figures. In the article various subjects about the Chinese gold market are discussed, not on all do I wish to comment, but there was one I feel obliged to respond to. At one point CPM stated:

One of the commentators added gold deliveries via the Shanghai Gold Exchange to gross supply figures, apparently unaware that the gold involved in these deliveries gets re-delivered repeatedly via the exchange over time. Adding this gold to supply is confusing new supply with market turnover.

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1 comment to Open Letter To CPM Group

  • Ed_B

    Isn’t it interesting that those who shuffle paper and are always making derogatory comments about gold and silver just HAVE to associate precious metal buying with fear. Well, I have news for these nitwits. I buy gold and it has nothing to do with being afraid of what might happen. It has much more to do with what IS happening… like inflation at 9+% while we are told that it is only 1.5%… like trillions of new dollars being printed that dilute the value of all the other dollars out there, some of which are mine… like an out of control government that has already admitted we are a bankrupt nation, for solvent nations can pay their bills without borrowing ever more money… like a nation that claims to have more than 8,000 tons of gold, yet refuses to have it independently audited within the past 55 years… like having tens of trillions in unfunded liabilities while having absolutely no idea how these obligations will be paid… like not ever having any of the principal paid down on our debt because only the interest is ever paid with old debt being “rolled over” into new debt. Given all this that we know, why would anyone not want to protect their wealth and future with something real, that can’t be defaulted on, devalued, or inflated away to nothing? Beats heck outta me!

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