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OPINION
The world still seemed to be in order 50 years ago. Not only because 48.8°C had not yet been measured in European latitudes, but also because money was still linked to gold.
However, exactly 50 years ago, on August 15, 1971, United States President Richard Nixon abolished the gold standard. Until then, for every dollar bill printed, the corresponding equivalent in gold had to be deposited with the US Federal Reserve. For centuries, banknotes had actually been the depository receipt for gold. But since too many US citizens suddenly wanted to exchange their saved money for gold, the Fed ran the risk of no longer being able to keep the decades-valid promise. Until then, dollar bills included a note stating that the equivalent value had to be paid out to the holder - on demand - in gold coins. Ever since, that statement has been replaced by the words "In God we trust."
Nixon canceled the gold standard overnight. Other countries immediately followed suit. The price of gold, which was fixed at $35 per ounce between 1933 and 1971, is now $1,779.50. This accurately reflects the inflation of the last 50 years. Nevertheless, the purchasing power of gold has been stable for 2000 years.
50 years after the end of the gold standard, inflation in the US (5.4%) and Germany (3.8%) is beginning to surge. The COVID-19 crisis of 2020 has once again ignited the money-printing machines of the Fed and the ECB. The threat of overheating: The lingering expropriation of small savers through inflation and negative interest rates is entering the next round.
Breaking the News / CB
Hi Mick-b,
So what are you saying with regards to CEY? Is a gold mine as good as gold, or is CEY just another share that is subject to market whims?
regards
Larryh
Would be nice if price moves to 110p
110? Should be much higher than that
£110 will be very high when the price at 98 p . CEY PRICE IS REASONABLE AT 300 p one it will come 500p also. its IPO 160 Company never on loss, zero debts company, its products is Gold. just add annual growth 5% from 2010
Shipping News! - To ship a 40ft container from Shanghai to Felixstowe now costs $19200. 12 Months ago it was $2500. Price is going up, Christmas is going to be expensive.
If this is the bottom, then perhaps be time for me to buy a few more. Problem is, that kitting out new rooms in our house extension is proving a mite more expensive than I had hoped https://www.youtube.com/watch?v=fIlNiUGFOGo
hedgehogg,
Thats insane ! Is that to do with port closures or simple demand supply ? Perhaps you should show them the US CPI figures at 5.4%
The third biggest Container Port in China was closed over Delta Virus containment earlier today. Also there is a World shortage of Container ships at the moment, so tell the wife to get a good supply of bog paper in that's the first thing to go in the Supermarkets. :-)
It's bottles of water thats the Supermarket shelves are empty of.
Seems that turning on the water tap is so strenuous !!
It's not the price of the materia;s or products that has incresed by so much the associated costs of transporting the products.
So what does the stupid UK government do close the doors, or make it virtually impossible to export and import from 200 miles away (EU) 1 day to UK in favour of trade deals with countries 9000 miles away dependant on airfreight with the increased cost and carbon foortprint, or useing container ships which are in short supply, take many wieks to arrive and are 8-10 x more expensive to hire than they were previously
Talking to a neighbor this morning his builder told him they are unable to continue at pressent because some materials in the UK are in short supply because the government has commandeered huge ammounts of building matarials in advance for HS2.
Sea container transport costs
The Baltic Dry Index jumped 3% to 3,606 on Monday, its highest level since mid-2010 and extending gains for a fifth straight session, amid improving demand and ongoing concerns about congestion in Chinese ports. The capesize index, which tracks iron ore and coal cargos of 150,000-tonnes advanced 5.3% to 4,852, a peak since May 11th; and the panamax index which tracks cargoes of about 60,000 to 70,000 tonnes of coal and grains, increased 1% to its highest since June 20 at 3,584. Among smaller vessels, the supramax index rose about 40 points to a fresh all-time high of 3,119. source: Baltic Exchange
https://www.marinevesseltraffic.com/1998/01/baltic-dry-index-bdi.html
He makes some fair observations about Afghanistan, but then why didn't the US & allies keep closer tabs on the corruption and personal packet lining that that has been the normal way of things from the president down in the supposedly democratic government.
Once again the UK government was treated like a lapdog by the US and treated like a lackey, billions of pounds spent that could have been better spent on UK public /social services and NHS, how many dead injured and maimed army personnel and for what now?
It was widely known that the US was sending aluminium suitcases packed full of dollars by air freight to the new Afgan government, yet the army and ploice were not being paid on time or properly.
Military equipment was being openly stolen and sold to military in the market places, yet nothing was done about it.
The US has behaved exactly as it has done in every other conflict zone, it goes in heavy handed with it's gullible allies thinks it has won the war, throws loads of dollars at the newly installed government but fails to carry out any due diligence on how the dollars are spent and then one day decides to pull out thinking the job is done!
It is a shame for the ordinary Afghan people but what has happened was inevitable !
Most of Powell’s most revealing conversations took place with Democratic mega-donor Jeffrey Leeds. In one August 2014 email, Powell expressed anxiety over the US slipping into long-term military action against ISIS.
“What worries me is the [president] slipping into a war the American people care nothing about and we don’t have a good enough understanding,” Powell wrote. “He need to have Kerry, Hagel, Dempsey, Susan and others shut up until he has decided on a policy.
Their statements have been loose, undisciplined, hyperbolic and confused. For us to think we are at a high risk because a few of these clowns may get here is absurd.
We spent $100m on 100 air missions blowing up maybe 100 trucks and tanks that were ours. ISIS is still there.”
https://www.buzzfeednews.com/article/andrewkaczynski/personal-emails-show-colin-powells-pessimism-on-isis-policy
Auson
The shipping costs seem to be a combination of containers in the wrong places, consumer demand from Europe and the US being huge, some Port closures in China and greedy shipping companies. My Forwarder says he has so many customers who have packed it in completely, they cannot afford to ship. I know of a business that's had 2 containers sat in China since last October! Our manufacturer in China has rented warehouse space for all the orders customers will not ship. Ive already started buying Christmas presents. There will be no glut of products this year. Further, China has raised costs on me by 5%. Im down massively on all my current Gold investments, but Im not selling, I think the market is completely skewed, I wont sell a single share.