"Gold in a 6,000 year bubble"

derryb

Why Wall St. and governments hate gold

Overdate

Of course it's a bubble. Paper money is scarce, but governments can print as much gold as they want to.

If gold is really in a 6,000 year bubble, it's fair to ask "denominated in which currency?"

MGLICKER

<< <i>Of course it's a bubble. Paper money is scarce, but governments can print as much gold as they want to.

If gold is really in a 6,000 year bubble, it's fair to ask "denominated in which currency?" >>



Widows Mite's.

jmski52

He calls gold just another fiat currency. Which country declared it as their currency?

As Citi's chief economist, he makes some embarrassingly stupid statements. This, coming from a mismanaged bank that had to be bailed out.

lcoopie

I suppose it's not that Citibank is buying gold for itself?

miklia

that first 'l' in the title is a typo, yes?

roadrunner

<< <i>

Why Wall St. and governments hate gold >>




6,000 year bubble? And I get grief for bringing up the 120 year Kress economic cycle and 8.6 year business confidence models.

So who will be around to verify when the next 6,000 year cycle ends in 8,014. And that's well past "in the year 7575, if man is still alive....."


Mr. Buiter also stated on November 26th that, "The Swiss vote is ridiculous and no self-respecting central bank should ever be putting a large chunk in a single commodity."


Does Mr Butter realize that the US has considerable reserves in gold? With $313 BILL in gold reserves, that's about 25% of all the FRN's in existence. US foreign currency reserves only tally a tiny $137 BILL.
That means the US central bank values gold a lot more than its totality of Pounds, Francs, Yen, Yuan, Euro's, Cando's, and Aussies. Guess that makes the FED a "no self-respecting central bank." The Swiss
were just looking to do 20% vs. the Euro.

Looking at the FED's website, they listed total bank reserves at $2.5 TRILL in late Nov 2014. Gold reserves are still >11% of total reserves. Doesn't seem like a "small" amount. If we go back to August 2011 gold made up 29% of total US reserves.....not very "self-respecting" if you ask me. Was Mr. Butter complaining about the 5,997 yr bubble back then? Understand that bank reserves have been key-stroked into existence by a factor of 3X to 4X since 2008. This makes the gold % much less.

Another "reserve" the US has is strategic petroleum reserves of approx 700 MILL barrels of oil....worth around $44 BILL at current levels. It appears the central bank likes gold about 7X more.

Fed reserves and M0