Latest report from ABC Bullion co-authored by SilverStackers own @bron.suchecki (and John Feeney) https://www.abcbullion.com.au/investor-centre/pdf/gold-gains-on-powell-pronouncements#.XSg3fGeP7mV Here's just one section from the report. Rest worth reading too. Powell Dismisses Gold The last few weeks we have been observing how governments don’t like currency competition: first with Facebook’s Libra stablecoin and then in respect of gold standard sympathetic Judy Shelton’s nomination for the US Federal Reserve Board. No surprise then that Jerome Powel dismissed gold when asked about it, claiming that “there have been plenty of times in fairly recent history where the price of gold has sent a signal that would be quite negative” for the goals of maximum employment and stable prices. George Mason University economics professor Larry White, however, argues that a gold standard: provides a stable international reserve currency that is disconnected from individual nations when combined with free banking would have restrained the boom and the bust historically has exhibited lower price level uncertainty at medium to long horizons without bailouts provides greater fiscal discipline, restraining government over-indebtedness Maybe the issue is that Powell is worried about his job, as historically many gold standard countries had no central bank at all, yet somehow everything seemed to get along just fine. We were also surprised to see President Trump tweet on crypto currencies and Libra, saying that he was not a fan as their “value is highly volatile and based on thin air .... similarly, Facebook Libra’s ‘virtual currency’ will have little standing or dependability”. For the President to comment on Libra means the politicians must really be concerned about currency competition.
Thanks mate. I was very surprised to see Trump's tweets. It seems Libra has set the cat amongst the pigeons, which is probably an apt analogy as politicians are about as smart as pigeons.
