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Rickards Details the ‘Paper Gold’ Fraud and Speculates on its Demise

by Chris Powell, GATA:

Dear Friend of GATA and Gold:

In a new promotional video for his financial letter Strategic Intelligence, fund manager and geopolitical strategist James G. Rickards wonderfully exposes the fraud of “paper gold” and “paper silver” and speculates on the circumstances that will cause their demise and the explosion in the price of real metal.

More than 90 percent of gold and silver investments are not backed by real metal, Rickards says, and their owners won’t have metal when they most want it.

In the video Rickards interviews someone he says is an expert in the Swiss gold refinery business who concurs about the paper gold hoax and whose identity is withheld and whose face is obscured by fuzzing of the video. What the supposed expert asserts is only what GATA has been telling people for years, but the effect is theatrical and dramatic.

While GATA has followed a policy of strict attribution and has abjured anonymous sources in the belief that this is necessary for credibility, a high principle of honest journalism, maybe GATA Chairman Bill Murphy and your secretary/treasurer would have been more persuasive all this time if we had put paper bags over our heads. (We’d probably have had more luck in dating anyway.)

But anything that truthfully impugns what Rickards calls the great gold hoax is perfectly jake, so while it’s a commercial promotion, his video is still a great service. It’s about a half hour long and can be watched at the Agora Financial Internet site here:

http://pro.agorafinancial.com/AWN_goldhoax_0816/EAWNS8CK

Read More @ Gata.com

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1 comment to Rickards Details the ‘Paper Gold’ Fraud and Speculates on its Demise

  • Ed_B

    “More than 90 percent of gold and silver investments are not backed by real metal, Rickards says, and their owners won’t have metal when they most want it.”

    Well, therein lies the rub. The vast majority of those investing in SLV, GLD, and their like do not want physical gold or silver. They want paper profits, aka US$. As an investor, I see what they desire and it is not physical metals that have to be shipped, guarded, insured, stored securely, sometimes assayed, and finally sold for a profit to someone else. No, they want a paper product that follows the prices of gold and / or silver with the convenience of buying and selling at no premium with a few mouse clicks. These folks never plan on receiving physical metals. If they did, they would be buying physical metal.

    Most on here invest primarily in physical metals and that’s fine. I have a good amount of them myself but also realize that some paper investments are still worth owning. Big cap US blue chip stocks that pay solid dividends and have strong balance sheets, utilities, a few tech stocks, and some select REITs can earn an investor a lot of money over time. Collecting that and converting some of those profits into gold and silver helps protect those profits against the coming hard times.

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