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Donnerstag, 31. Mai 2012

Guest Post: Myths and Realities of Returning to a Gold Standard

Guest Post: Myths and Realities of Returning to a Gold Standard

Tyler Durden's picture

Submitted by Terry Coxon of Casey Research
Myths And Realities Of Returning To A Gold Standard
The gold standard, under which any holder of paper dollars could redeem them for gold at the US Treasury, is now within the living memory of just a few million Americans, nearly all of whom would be dangerous behind the wheel. But thanks to the money printing and the federal deficits that have grown to astounding scales since 2008, and thanks also to the clashing pronouncements of Ron Paul and Ben Bernanke, the idea of a gold standard has resurfaced in the public's consciousness.
I'm happy to see the concept enjoying a revival. Reading about it in the mainstream press and hearing it mentioned on the cable news shows makes me feel a little less like a Martian. It has almost made me feel avant-garde.
Despite my enjoyment of the revival, I've noticed that the idea seldom is presented as a clear and definite proposal or as an invitation to revisit an institution that worked well in the past. Too often, it shows up as little more than a slogan or a taunt aimed at central bankers or as just a political fashion statement. So let's take a closer look at what it really means. It's not that complicated.
What Isn't at Stake
The abolition of the gold standard has been the source of considerable mischief, but it hasn't been the source of all mischief.
I've heard the lack of a gold standard indicted as part of a government scheme to force the public to use paper money. It isn't.
The legal-tender laws are usually part of the story, but the story doesn't hold up. Declaring irredeemable paper dollars to be legal tender merely defines what a creditor may be forced to accept in satisfaction of a debt that is denominated in dollars. Operating under that regime is entirely voluntary; if you don't like it, you can avoid it by declining to accept anyone's IOU or other promise denominated in dollars. Despite the legal-tender laws that define what is a (paper) dollar, you are free to buy and sell and enter into contracts without using dollars.
The legal-tender laws amount to no more than the government's claim that it owns "dollar" as a trademark that it can apply to pieces of paper or to anything else it decides to – just as General Motors owns the trademark "Chevy" and can apply it to any piece of machinery or any other product it chooses. GM and GM alone is free to serve up Chevyburgers, and you are free to eat one or not.
Any two parties are free to use gold coins (or silver coins or strawberries) as a medium of exchange if they agree to. Pesos, francs and Canadian dollars are permissible as well. A return to the gold standard wouldn't alter that situation or expand the range of your choices.
I've also heard the lack of a gold standard blamed for overall economic instability. Defenders of the current system of fiat money do just the opposite – they blame the gold standard of the past for preventing the Federal Reserve from stabilizing the economy. It's quite a debate – little economic logic and much cherry picking from the big tree of history. It all comes down to which system gets stuck with responsibility for the Great Depression of the 1930s, which occurred at a time when US citizens couldn't redeem dollars for gold (no confidence-building gold standard to help the economy recover) but foreign governments could redeem dollars for gold (that old gold standard, still causing so much trouble).
What It Wouldn't Fix
A return to the gold standard wouldn't make you any freer than you are now. You'd still be filing tax returns and still be getting massage therapy from TSA employees; Congress wouldn't reform its big-spending ways, it would merely switch from taking and wasting fiat money to taking and wasting gold-backed money; and the Supreme Court, the guarantor of your liberties, would continue making things up as it goes along.
A new gold standard wouldn't be an elixir of stability for the economy. A severe depression in 1919-1920 demonstrated the Federal Reserve's ability to engineer financial train wrecks even when the dollar is redeemable for gold by anyone and everyone. And before the advent of the Federal Reserve, the US Treasury demonstrated the same ability through its borrowing operations, as did Congress on a few occasions simply by creating uncertainty about possible changes in the monetary system.
And a return to a gold standard wouldn't ensure long-term preservation of purchasing power for the dollar and dollar-denominated obligations – because, as we've seen, a gold standard adopted one day can be abandoned the next.
What It Would Fix
Now that we've dampened expectations, here's what a gold standard would do: threaten the individuals who run monetary institutions (such as the Federal Reserve) with embarrassment for bad behavior. It narrows their opportunities for dodging responsibility.
Every issuer of money promises to protect its value. The promise is the same whether it is made on behalf of a fiat currency or for a currency backed by gold, silver, copper, other currencies or seashells or pelts. A gold standard doesn't prevent an issuer from breaking the promise. It merely makes it difficult for the issuer to pretend that it is keeping the promise when year after year it isn't.
With a fiat money system, you don't need any special talent in order to deceive the public with insincere talk about avoiding inflation and protecting the money's purchasing power. The years-long lag between printing and the effect on prices makes deception easy.
If you print more money this year, well, it's only a temporary measure and only because of the recession you're trying to avoid. Next year, you'll slow down the printing or maybe not print at all – you'll have to wait and see what conditions are next year. And don't forget to mention the odd years of rapid monetary growth that coincided with almost no price inflation at all. And when price inflation does pick up, there's always someone or something to blame – OPEC or terrible growing conditions for the soybean crop in Brazil or a war. You'll think of something.
Short of the complete destruction of a fiat currency, there is nothing that can demonstrate beyond doubt the shallowness of the promise to protect purchasing power that is being made on any day. There is no bright line separating performance from talk.
With a gold standard, deception is much more difficult. Creating too much money will lead to redemptions that drain away the official gold stockpile. Everyone can see the inventory shrinking. If it shrinks to zero, then the managers of the system have failed, period. There is no ambiguity about it, and the politicians in charge at the time have little room for denial.
The formal adoption of a gold standard holds no magic. It's just another promise. But it is a promise that carries an assured potential for egg-on-face political embarrassment if it is broken, and the only way for the people in charge to avoid that embarrassment is to refrain from recklessly expanding the supply of cash. That's why a gold standard protects the value of a currency, and that is why the politicians don't want it

Mittwoch, 30. Mai 2012

zum Zahlungsmittel der von mir favorisierten 1.000 € Goldmünze (französich Hercules)

Sehr geehrter Herr Koch,

gerne beantworten wir Ihre Nachfrage.

Unter der Voraussetzung, dass es sich bei der von Ihnen genannten 1000
Euro-Goldmünze um eine Münze handelt und nicht um eine Medaille (diese ist
kein gesetzliches Zahlungsmittel) - was wir als Deutsche Bundesbank nicht
beurteilen können, da diese Münze nicht vom Bundesministerium der Finanzen,
dem Münzherrn in Deutschland, begeben wurde - wäre sie gesetzliches
Zahlungsmittel ausschließlich in Frankreich. Theoretisch könnten Sie mit
dieser Münze Barzahlungsgeschäfte erledigen oder sie in jeder Bankfiliale
zum Umtausch in Banknoten vorlegen - ausschließlich in Frankreich.

Jedoch ist es ratsam, sich zuvor über einen möglichen Sammlerwert dieser -
sofern - Münze bei gewerblichen Münzhändlern zu erkundigen. Je nach
Erhaltungszustand wäre evtl. ein höherer Preis als der aufgeprägte Nennwert
zu erzielen.

Ggf. könnten Sie sich auch an die französische Verkaufsstelle für
Sammlermünzen wenden, die in Frankreich für die Ausgabe von französischen
Sammlermünzen zuständig ist:

Monnaie de Paris - Direction des monnaies et médailles
11, quai de Conti
F - 75270 Paris Cedex 06

Wir hoffen, Ihre Nachfrage beantwortet zu haben.

Mit freundlichen Grüßen

Wilhelm-Epstein-Strasse 14
60431 Frankfurt am Main

Tel. +49 69 9566 - 3511 oder 3512
Fax: +49 69 9566 - 3077

Montag, 28. Mai 2012

um den HUI zu kaufen.....LU0259322260



Größte Fondspositionen zum 30.12.2011 Neues Fenster: Hilfe
 Bezeichnung    %
Länderzusammensetzung zum 30.12.2011 Neues Fenster: Hilfe
 Bezeichnung    %
Kanada 55,81%
Vereinigte Staaten 22,37%
Suedafrika 13,20%
Jersey 4,40%
Peru 4,22%   

Sonntag, 20. Mai 2012

in schweren wirtschaftlichen Turbulenzen sind auch Gold und Goldklauseln in Verträgen kein Schutz.....

Gold Clause Cases

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Gold Clause Cases
Seal of the United States Supreme Court.svg
Supreme Court of the United States
Argued January 8–10, 1935
Decided February 18, 1935
Full case name Norman v. Baltimore & Ohio R. Co;
United States v. Bankers Trust Co.;
Nortz v. United States;
Perry v. United States
Citations 294 U.S. 240 (more)
55 S. Ct. 407; 79 L. Ed. 885; 1935 U.S. LEXIS 257; 95 A.L.R. 1352
Congress has power expressly to prohibit and invalidate contracts, although previously made and valid when made, when they interfere with carrying out any monetary policy Congress is free to adopt.
Court membership
Case opinions
Majority Hughes, joined by Brandeis, Stone, Roberts, Cardozo
Concurrence Stone
Dissent McReynolds, joined by Van Devanter, Sutherland, Butler
Laws applied
U.S. Const. art. I, § 8, cl. 3.;
U.S. Const. art. I, § 8, cl. 5.;
U.S. Const. art. I, § 8, cl. 18.
The Gold Clause Cases were a series of actions brought before the Supreme Court of the United States, in which the court narrowly upheld restrictions on the ownership of gold implemented by the administration of U.S. President Franklin D. Roosevelt in order to fight the Great Depression. The cases were:
  • Norman v. Baltimore & Ohio Railroad Co.
  • United States v. Bankers Trust Co., 294 U.S. 240 (1935)
  • Nortz v. United States, 294 U.S. 317 (1935)
  • Perry v. United States, 294 U.S. 330 (1935)



Within the first week of holding office, Roosevelt closed the nation's banks, fearing gold hoarding and international speculation posed a danger to the national monetary system, basing his actions on the Trading with the Enemy Act.[1] Congress quickly ratified Roosevelt's action with the Emergency Banking Act. The President soon afterward issued Executive Order 6102, requiring the surrender of all gold coins, gold bullion, and gold certificates to the government by May 1, 1933 in exchange for their value in U.S. dollars at the rate of $20.67. Congress also passed a joint resolution canceling all gold clauses in public and private contracts, stating such clauses interfered with the power of Congress to regulate U.S. currency.
While the Roosevelt administration waited for the court to return its judgment, contingency plans were made for an unfavorable ruling.[2] Ideas floated about the White House to withdraw the right to sue the government to enforce gold clauses.[2] Attorney General Homer Cummings opined the court should be immediately packed to ensure a favorable ruling.[2] Roosevelt himself ordered the Treasury to manipulate the market as to make it appear in turmoil, though Treasury Secretary Henry Morgenthau refused.[2] Roosevelt also drew up executive orders to close all stock exchanges and prepared a radio address to the public.[2]

Opinion of the court

All three cases were announced on February 18, 1935, and all in favor of the government's position by a 5–4 majority.[2] Chief Justice Charles Evans Hughes wrote the opinion for each case, finding the government's power to regulate money a plenary power. As such, the abrogation of contractual gold clauses, both public and private, were within the reach of congressional authority when such clauses presented a threat to Congress's control of the monetary system.[2] Of note was Hughes's opinion in the Perry case: in a judicial tongue-lashing not seen since Marbury v. Madison,[3] Hughes chided Congress for its immoral—though legal—act.[4] However, Hughes ultimately found the plaintiff had no cause of action, and thus no standing to sue the government.[5]

Subsequent events

The Gold Reserve Act of 1934 abrogated gold clauses in government and private contracts and changed the value of the dollar in gold from $20.67 to $35 per ounce. This price remained until August 15, 1971 when President Richard Nixon announced that the United States would no longer convert dollars to gold at a fixed value, thus abandoning the gold standard for foreign exchange (see Nixon Shock).
The limitation on gold ownership in the U.S. was repealed after President Gerald Ford signed a bill legalizing private ownership of gold coins, bars and certificates by an act of Congress codified in Pub.L. 93-373[6] which went into effect December 31, 1974. Pub.L. 93-373 did not repeal the Gold Clause Resolution of 1933, which made unlawful any contracts which specified payment in a fixed amount of money or a fixed amount of gold. That is, contracts remained unenforceable if they used gold monetarily rather than as a commodity of trade. However, the Act of October 28, 1977, Pub.L. 95-147, § 4(c),[7] amended the 1933 Joint Resolution and made it clear that parties could again include so-called gold clauses in contracts formed after 1977.[8]

Der Doppel Friedrich d or ist eine preussische Goldmünze mit Nominalwert von 10 preussischen Reichstalern in Gold, die zwischen 1741-1885 benutzt wurde

König Friedrich Wilhelm III. von Preussen PFR

Preis auf Anfrage!

König Friedrich Wilhelm III. von Preussen PFR

Königreich Preussen
Der Doppel Friedrich d or ist eine preussische Goldmünze mit Nominalwert von 10 preussischen Reichstalern in Gold, die zwischen 1741-1885 benutzt wurde. Auf der Vorderseite war der Kopf des Königs abgebildet und auf der Rückseite war ein Adler auf Waffen zu sehen. Im Gegensatz zu den großen Silbermünzen fehlt häufig auf den verschiedenen Friedrich d or Goldmünzenvarianten eine Nominalwertangabe in Talern oder gar eine Feingewichtsangabe was seine Ursache wohl in der Münzgröße hat.

Gold- und Silber-Währung breitet sich in Südostasien aus


Gold- und Silber-Währung breitet sich in Südostasien aus

Gold Dinar und Silber Dirham
Das Vertrauen in Papierwährungen schwindet in islamisch geprägten Ländern mehr und mehr. In Malaysia, Indonesien und Singapur zahlen die Menschen immer häufiger mit den lokalen Gold- und Silbermünzen Dinar und Dirham.
In mehreren Provinzen Malaysias sind sie bereits offizielles Zahlungsmittel. Nun werden sie auch in Indonesien und Singapur immer häufiger beim Einkauf akzeptiert: Goldmünzen und Silbermünzen. Sie heißen Gold Dinar und Silber Dirham. Goldreporter berichtete bereits vor geraumer Zeit über diese Edelmetallwährung (Staat in Malaysia führt reine Edelmetall-Währung ein).
Sie wird in islamisch geprägten Ländern immer beliebter. Dies geht aus einem Online-Bericht aus Malaysia hervor. Dean Arif, Edelmetalldisponent und Chef eines Promotion-Programms mit dem Namen „The Dawn oft the Dinar“ (dtsch.: „Die Dämmerung des Dinar“) erklärte gegenüber der lokalen Presse: „Die Silber-Dirham-Münzen werden die Menschen in dieser Region [Südostasien] vereinen, da Dirhams aus Indonesien in Malaysia verwendet werden können und jene in Malaysia können in Singapur genutzt werden, ohne dass man das Papiergeld der Geldwechsler benötigt“.
Er betont, dass die Münzen dem Standard der World Islamic Mint entsprechen, bezüglich einheitlichem Gewicht, Feinheit und Größe. „Deshalb sind sie überall in der Welt tauschbar und bilden so eine wahrhaft globale Zahlungsmethode“, so Arif.
Es werden aktuelle Tauschwerte in Malaysia genannt:
1 Dirham (2,975 g 999er Silber)
1 lebendes Huhn
5 kg brauner Reis
10 kg ungebleichtes Mehl
5 Leibe Vollkornbrot
Aktueller Wert in Euro: 2,30 Euro (bei 24 Euro / Unze)
1 Dinar (4,25 g 917er Gold)
1 Ziege
1 Schaf
1 Monatsmiete für ein Appartement
Aktueller Wert in Euro: 156 Euro (bei 1.250 Euro / Unze)

Jiaozi.....das erste Papiergeld ?

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Jiaozi (currency)

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Jiaozi (Chinese: 交子) is a form of banknote which appeared around 10th century in the Sichuan capital of Chengdu, China. Most numismatists generally regard it as the first paper money in history, a development of the Chinese Song Dynasty (960 - 1279 AD).
To combat counterfeiting, jiaozi were stamped with multiple Banknote seals.

Freitag, 18. Mai 2012

auf der suche nach gold- oder silbergedekten Währungen bin ich in Frankreich in € denomonierten (wenigstens teilweise gedeckt bis zu 80% des Nennwertes bei Gold und 35% bei Silber) Münzen fündig geworden...

auf der suche nach gold- oder silbergedekten Währungen bin ich in Frankreich in € denomonierten (wenigstens teilweise gedeckt bis zu 80% des Nennwertes bei Gold und 35% bei Silber) Münzen fündig geworden...

diese Münzen stellen einen wunderbaren Hedge gegen Deflation (sinkende Gold/Silberpreise) dar, da der Nennwert gültig bleibt (gesetzliches Zahlungsmitte in Frankreich).

Ebenso einen Hedge gegen ausufernde Inflation, da der Gold/Silbergehalt den Wert erhält....

z.B. 10 € Hercules 2012 mit 5 g Silber...

10 Euro Silber Frankreich Hercules 2012 Tauschaktion

10 Silber-EURO „Hercules“ Frankreich 2012 10 g Silber (500/1.000), Durchmesser 29mm, prägefrisch Auflage nur 500.000 Exemplare! Offizielles Zahlungsmittel Tauschaktion 10 Euro gegen 10 Euro Silber...

EUR 10,00
MwSt. frei
zzgl. Versand

100 € Hercules 2011

100 Euro Frankreich Hercules Silber

100 Silber-EURO „Hercules“ Frankreich 2011 50 g Silber (900/1.000), Durchmesser 47 mm, prägefrisch Auflage nur 50.000 Exemplare! Offizielles Zahlungsmittel

EUR 119,50
incl. 7% MwSt.
zzgl. Versand

und in Spanien

30 Euro Silber "10 Jahre Euro-Währung" Spanien 2012 Tauschaktion

Spanien 2012, 30 Euro Silbermünze anlässlich 10 Jahre Euro-Währung, Prägequalität: Stempelglanz Silber 925/1000, Gewicht: 18g Auflage: 2 Mio. Stück. Achtung: Nur eine Münze pro Kunde bestellbar!

EUR 30,00
incl. 7% MwSt.
zzgl. Versand

1000 Euro Frankreich Hercules Gold

1000 Gold-EURO „Hercules“ Frankreich 2012 20 g Gold (999/1.000), Durchmesser 39 mm, prägefrisch Auflage nur 10.000 Exemplare! Offizielles Zahlungsmittel Achtung: Nur eine Münze pro Kunde...

EUR 1.039,50
MwSt. frei
zzgl. Versand

Donnerstag, 17. Mai 2012

Gold Welcomes Its New CTRL+Ping

Gold Welcomes Its New CTRL+Ping Overlords

Tyler Durden's picture

After days and weeks and months of pounding, gold reacted like a stung dog, soaring over $20 upon the realization that following the Philly Fed confirmation that the "recovery" is now officially dead that, gasp, the Fed really has no other choice than to CTRL+P.

Dienstag, 15. Mai 2012

Gold – nicht ins fallende Messer fassen

UBS daily forex Europe

Gold – nicht ins fallende Messer fassen
Thomas Flury

Liebe Leserinnen, liebe Leser,

Gold ist in den letzten Tagen massiv gefallen und nähert sich dem Tiefstwert von Ende 2011. Trotz dieser Kurskorrektur kann Gold noch nicht zum Kauf empfohlen werden und ist auch keine attraktive zugrunde liegende Anlage für renditeverbessernde Strategien. Wir raten den Anlegern, das gelbe Metall zu meiden oder Schutz vor einem weiteren Rückgang in den kommenden Monaten zu kaufen. Nachdem der Goldpreis vor kurzem seinen drei- bis vierjährigen Aufwärtstrend durchbrochen hat, dürfte er unseres Erachtens unter Druck bleiben und Spielraum für einen weiteren Rückgang haben. Die aktuelle Abwärtsdynamik wird durch die Verschlechterung des technischen Bildes und den stärkeren USD angetrieben. Unseres Erachtens sind Netto-Long-Positionen in US-Goldfutures von bis zu 7 Mio. Unzen gefährdet. Die Goldbestände in ETF, die bis Anfang Mai stabil waren, sind in letzter Zeit ebenfalls zurückgegangen. Seit Ende haben die ETF-Bestände um 0,7 Mio. Unzen abgenommen.

Kurzfristig rechnen wir mit einem Rückgang auf USD 1520 je Unze. Dies sollte jedoch nicht als Untergrenze angesehen werden, da der Preis leicht unter dieses Niveau fallen könnte.

Freundliche Grüsse,
Chief Investment Office

Mittwoch, 9. Mai 2012

Dominic Schnider, Analyst UBS AG: Gold – don't catch a falling knife

Gold – don't catch a falling knife
Having recently broken its three-year uptrend, the gold price should
remain under pressure and has room to weaken further, in our
view. A deteriorating technical picture and a stronger USD are
fueling the downside momentum. Futures positions held by
financial investors are likely to be unwound with further USD
strength. Up to 7 million ounces of net long positions are at risk, in
our view. Gold ETF holdings which have been stable so far could
also come under pressure. Should both ETF and futures markets
start to reduce their gold exposure, the current downtrend would
persist or even gain strength.
To balance the oversupplied market, financial demand needs to rise
by around 20% this year. We think this is highly unlikely despite the
economic and political uncertainties in Europe. The outlook for key
central banks to balloon their balance sheets remains rather small,
and a weak EUR is no help either. Gold-buying by central banks is
also unlikely to be meaningful enough to make up for the shortfall
in investment demand. In our view, the only demand factor that
could help is jewelry consumption, but for that to happen, gold
prices need to fall much further. Thus, we target USD 1,520/oz in
the coming days. This should not be seen as a hard floor as
prices could well fall below this level.
Dominic Schnider, Analyst UBS AG

Montag, 7. Mai 2012

ein Hedge gegen Depression/Deflation (sinkender Goldpreis) undgegen Inflation (steigender Goldpreis) // 1000 Gold-EURO „Hercules“ Frankreich 2012

1000 Gold-EURO „Hercules“ Frankreich 2012

20 g Gold (999/1.000), Durchmesser 39 mm, prägefrisch

Auflage nur 10.000 Exemplare!

Offizielles Zahlungsmittel

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Depotstelle: CA

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