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Jim Rickards’ ultimate bullsh#t on gold

by Jeff Nielson, Bullion Bulls:

It continues to amaze me that there are still some intelligent people who trust-and-believe the work of notorious Disinformation Shill, Jim Rickards. Well, hopefully his latest anti-gold nonsense will put an end to this — forever.

Check this out: Rickards states: “Gold has no real use except as money”- with which we concur here. But he goes on…

Gold is the ultimate FIAT money. It has value because we believe it has value. But it is suited to have value because it is unused in industry and as a monetary unit its supply growth is very predictable. What could change that?

Two polar opposite examples would be: If Gold were alchemically synthesized (loses value) or if it were used industrially and irrecoverably (gains value). These would undermine Gold’s credibility as a stable currency. Our issue here is demoting a tangible object (currency) that represents an intangible store of value (FIAT), to an intangible currency (101101101010’s) representing the same.

Pure bullshit!

Gold has no real use except as money…

What a clown! This is like saying that “medicine has no use, except to cure people of diseases.”

Curing people of diseases is important. Money (real money, not currency) is important. How important? Why don’t we let Alan Greenspan tell us (again) what happens when we don’t have real money.

In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.

Protecting our wealth from “confiscation” (i.e. theft) from Rickards’ friends, the bankers, is a pretty important function. Has Jim Rickards never heard of Alan Greenspan? Has Jim Rickards never heard of “the gold standard”?

We know that Rickards has heard of the gold standard, because he has claimed to write about it as an expert (lol). Thus we can only conclude that Rickards’ latest gold-bashing is pure malevolence, and not simple ignorance.

Now let me dissect the rest of Rickards’ nonsensical musings about gold.

Gold is the ultimate FIAT money. It has value because we believe it has value.

This isn’t simply wrong, it’s infantile. Why do people wear gold chains, and gold rings, and gold necklaces, and gold bracelets? Why do these chains, rings, necklaces, and bracelets always have value? Because gold is a shiny, beautiful, metal — and aesthetic appeal is a tangible property.

Someone selling a bouquet of roses will always get a higher price than someone selling a bouquet of weeds. Why? Because the roses have aesthetic value, and the weeds don’t.

Contrast this with our worthless fiat currencies. Despite the efforts of our governments to dress-up their paper with ever more elaborate inks, their paper currencies have NO AESTHETIC VALUE. They are only accepted as a medium of exchange because of government decree (coercion). We’re forced to treat the paper as if it did actually have value.

Gold is the bouquet of roses. Fiat currencies are the bouquet of weeds. If we were to take Rickards’ bullshit seriously, we’re supposed to believe that Rickards himself doesn’t understand this distinction.

Then we have this:

…But it [gold] is suited to have value because it is unused in industry and as a monetary unit its supply growth is very predictable. What could change that? Two polar opposite examples would be: If Gold were alchemically synthesized (loses value) or if it were used industrially and irrecoverably (gains value). These would undermine Gold’s credibility as a stable currency.

Note the “hypothetical” example created by Rickards (highlighted in bold-face):

If gold was used industrially and irrevocably, it would gain value.

What Rickards just described is SILVER. Silver is used industrially and irrevocably. Yet Rickards’ friends, the bankers, tell us every day of our lives that silver is worthLESS because it is “an industrial metal.”

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6 comments to Jim Rickards’ ultimate bullsh#t on gold

  • Lawrence

    Excellent Article, nice work Jeff.

  • Craig Escaped Detroit

    Moar Silver please. Yes, I like it best, because it is both a “monetary metal” AND it is such a vital, critical element with so many irreplaceable uses in today’s world for industry, electronics, Medical, and more.

    Gold, does not have a lot of critical uses, but it does have some. But the critical uses for gold, can sometimes be replaced by substituting the Platinum group metals. There are a few things that require gold and nothing else will do it.

    On the other hand, that list of irreplaceable things that requires silver, is VERY big, and many times, the silver cannot be recovered at all, and in most cases where it may be “recoverable”, but not economically so.

    Silver is the SINGLE cup of coffee in a world full of sleepy people who just woke up and need to get to work. They’ll be fighting over it when they discover there are no more POTS of coffee and the world is down to just a few little cups.

    The price/value of it is really going up like nothing we have ever seen before. The sleepy sheeple are so ignorant of the scarcity & true value of silver.

    The people like you and me, here at SGT, ZH, etc, we are already awake and we are stacking piles of those valuable “silver beans” for the day when the world discovers what WE already know.

  • AgShaman

    Hahahaha…..How do you like your central banking endorsed CIA shills?

    skewered and torched

  • videoctr

    The masses are going to be brain washed into thinking digital money is good, and if it has a government seal on it, it is real. Notice the propaganda to demonize gold, as a barbarous relic. http://www.zerohedge.com/news/2015-11-10/us-dollar-barbarous-relic

    Unfettered digital money creation makes financing wars easier. Just add as many zeros as you need. As long as it is backed by bombs bullets, proxy armies, a dumbed-down public. A public that is so pressured to survive day-to-day, they cannot have lofty thoughts on higher order thinking, such as gold vs fiat. It is a public so distracted by the magicians in charge, and their distractions, of race, gender bathrooms, polite speech, claims of Trump being a racist, sitting down instead of standing for the National Anthem, etc..

    Now we have Home Land Security managing the digital voting for the elections. Will we have TSA Agents at the voting booths, keeping the voting fair using digital voting? Will I get groped first before I enter the voting booth? Yet no voter registration or id required.

    The stealth coup d’etat continues.

    • AgShaman

      “It is incredible how as soon as a people become subject, it promptly falls into such complete forgetfulness of its freedom that it can hardly be roused to the point of regaining it, obeying so easily and willingly that one is led to say that this people has not so much lost its liberty as won its enslavement.”

      – Etienne de La Boetie

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