The Best Reason In The World To Buy Gold

April 23, 2012, at 2:26 pm
by Jim Sinclair

Dear CIGAs,
Gold is officially replacing the US dollar June 28th. The cat is out of the bag.
Phil, you are booting any nation that dares to refuse to be legislated by any other body than themselves out of the SWIFT system.
You have officially made gold money. Now what are you going to do, declare economic war on China? They will fire dollars back at you.
You just might end the economic world as you knew it.
The Best Reason in the World to Buy Gold
CIGA Eric

Have no doubt, emotions generated by short-term price action will be influencing investor decision-making a hundred years from now. We may have substituted iPad for the telegraph over the past hundred years, but we’re still fairly lousy traders as a species. The real world makes decision based on reality rather than perceptions generated by emotions. Well, at least the real world that stays in business. The Chinese are buying gold while the public panics and sells. Nuf said.

Headline: The Best Reason in the World to Buy Gold

"Beijing is planning to avoid U.S. financial sanctions on Iran by paying for oil with gold. China’s imports of the metal are already large, and you can guess what additional purchases are going to do to prices. On the last day of 2011, President Obama signed the National Defense Authorization Act for Fiscal Year 2012. The NDAA, as it is called, attempts to reduce Iran’s revenue from the sale of petroleum by imposing sanctions on foreign financial institutions conducting transactions with Iranian financial institutions in connection with those sales. This provision, which essentially cuts off sanctioned institutions from the U.S. financial system, takes effect on June 28."

Source: forbes.com

Sounds like another beat up.

Will still be interesting to see what happens. I didn't think the US could kick someone out of SWIFT.
My understanding was that it is merely a payment system for transfer of funds between countries
like us using eftpos. I didn't think anyone actually owned it. But then again it is the US wouldn't matter
if they didn't own it

Nah most of this crap is wishful thinking. I take it all with a grain of salt. Believe it when I see it.