Thursday, July 21, 2011

Peter Schiff : Gold of course it is Money

Peter Schiff : of course Gold is Money but the FED chairman had to think about it for a while and then answered in the negative , and congressman Ron Psul asked him then why the central banks hold gold , Ben Bernanke speculated that may be it was because of a tradition , yes the tradition of Gold being money that's why the central banks hold it because traditionally it has been money and in fact paper is a poor substitute at best for money and it is not working and in fact when Ben Bernanke was speculating as to why people were buying Gold he actually said that he thought it is because a tail risks that they were worried about or may be a political uncertainty , if Ben Bernanke wants to know why are people buying gold why does not he ask the people that are buying it ? he could ask me for example and I will tell him why I am buying gold and it has nothing to do with uncertainty , I am buying gold because of what I am certain of not based of what I am uncertain of , and I am certain that Ben Bernanke is going to continue to destroy the value of the dollar , I am certain that he does not know what he is doing that he is going to continue printing money debasing the value of the dollar causing inflation and that's why I am buying Gold , I am buying Gold because of his monetary policy because of congress's fiscal policy and I thing that's why everybody else whose buying is buying gold , that's why every time Ben Bernanke opens his mouth people buy more Gold because what he is saying is very scary if you own paper money and it is music to the ears of gold buyers , may be Ben Bernanke is not smart enough to buy any gold

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