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Gold Classics Library
Gilded opinion, articles and essays collected over the 19-year history of the USAGOLD website
 
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Classics - Most Visited & Linked

Money and Politics in the Land of Oz
by Quentin P. Taylor

L. Frank Baum claimed to have written The Wonderful Wizard of Oz "solely to pleasure the children" of his day, but scholars have found enough parallels between Dorothy's yellow-brick odyssey and the politics of 1890s Populism to suggest otherwise. Did Baum intend to pen a subtle political satire on monetary reform?

The Nightmare German Inflation
by Scientific Market Analysis

The many parallels between 1924 Germany and present-day United States are cause for concern. Whether or not there will be a Nightmare American Inflation remains to be seen, however, the trend is not favorable. This report points out that the survivors of the German debacle did so by purchasing gold early in the process.

Gold and Economic Freedom
by Alan Greenspan

"[T]he welfare statists were quick to recognize that if they wished to retain political power, the amount of taxation had to be limited and they had to resort to programs of massive deficit spending, i.e., they had to borrow money, by issuing government bonds, to finance welfare expenditures on a large scale."

Who Owns and Controls the Federal Reserve?
by Dr. Edward Flaherty

Is the Federal Reserve System secretly owned and covertly controlled by powerful foreign banking interests? If so, how?

Gold Confiscation: How it could happen and what you can do about it
by David L. Ganz, J.D.

Much has been offered in the way of opinion on the matter of a potential gold confiscation, but too little of it is well-researched, well-informed and grounded in a true understanding of the laws and regulations involved. Herein the author, a prominent New York city attorney who specializes in numismatic and precious metals' law and is often called upon by Congress to offer testimony in this regard, unravels past legal precedent and offers practical suggestions on a course of action for those concerned with the possibility of a contemporary confiscation.

Layman's Guide to the Rules and Laws of Finance and Investment
by R.E.McMaster

There is an old saying that not all that glitters is gold -- as in the gold coins many of you have held in your hands. There is another kind of gold that inhabits the practical wisdom of the ages. In today's "go-get-'em," "read-it-and-forget-it" world of everyday web browsing, it can be a challenge to separate the run of the mill from the meaningful.

Greenspan on Gold and Money
The Congressional exchanges with Ron Paul

Here we spotlight Fed Chairman Alan Greenspan's remarkable and extended dialogue with Representative Dr. Ron Paul from 1997 - 2005 before the Congressional Committee on Financial Services.

Fiat Money Inflation in France
by Andrew Dickson White

The famous study on the late 1700s runaway inflation in France. White reveals toward the end of the essay how those who had the wisdom to keep their savings in gold weathered the inflationary storm.

The Wit and Wisdom of Cartoonist Ed Stein

Cartoonist Ed Stein is no stranger to readers of the USAGOLD website. We have featured his award-winning, widely-syndicated cartoons for a good many years. When the Rocky Mountain News, where he plied his trade since 1978, went under, Stein went freelance. The Rocky's loss became our gain.

Extraordinary Popular Delusions and the Madness of Crowds
by Charles Mackay

We include this remarkable study with an agenda. If the rising generations now receiving their education, or even their more jaded elders, find application in their own investment philosophy, then the purpose of this Gilded Opinion entry has been served. Complicated and timelessly revealing, here you will find examples of herd behavior, delusion, mania, craftiness, and financial loss and gain.

An Educational Series on Gold and Money
by Bill Buckler, The Privateer

This popular series guides the reader through the history of gold and money in the United States -- a solid overview for the beginner who wants to understand the basic economics behind why investors add gold to their portfolios.

The Dawn of a New Gold Market
The Central Bank Gold Agreement
A compilation of World Gold Council data and commentary

This background piece outlines the Central Bank Agreement on Gold in 1999 and focuses on the World Gold Council's thinking at the time agreement was reached.

Dark Vision for the World Economy
by Bernard Connolly

Every once in awhile an article comes along presenting a more precise understanding of the forces at work in the world economy. This article offers that degree of insight. Instead of global government and co-operation, the author describes a world perilously at odds with itself, fracturing along old pre-World War II fault lines, and heading toward a catastrophic inflation.

Ten Rules For Investing In Gold
by John Hathaway

Gold is a controversial, anti-establishment investment. Therefore, do not rely on conventional financial media and brokerage house commentary. In this area, such commentary is even more misleading and ill informed than usual.

The Scientific Tale of the Creation of Gold
by Robert Krulich

Only in a supernova is it possible to create atoms with 30 protons, 40 protons, 50 protons or even 60 protons. Nature prefers even numbers for stability...Gold is a rare, odd-numbered atom with 79 protons.

Gold, Peace and Prosperity
by Dr. Ron Paul

With the Federal Reserve unapologetically running the money printing press at full tilt, we thought it a good time to reprint this important introduction to the dangers of currency debasement. Ron Paul's Gold, Peace and Prosperity is as timely now as it was when it was first written in 1981.

Gresham's Law in the History of Money
by Dr. Robert A. Mundell, 1999 Nobel Laureate

Gresham's Law is not a statement about static conditions; it is a statement about dynamic process. "Good money drives out bad if they exchange for the same price" is an acceptable expression of Gresham's Law. But a better statement of it is that "Cheap money drives out dear, if they exchange for the same price."

International Financial Architecture
by Dr. Robert A. Mundell, 1999 Nobel Laureate

Particularly notable is that this gold-based recommendation aimed toward the EU is couched within a larger commentary in which Dr. Mundell, a founding figure for the euro system, shares his vision regarding the international monetary architecture.

Nobel Laureate Robert Mundell - Ahead of his time

Mundell argues that the system broke down in the early 1970s because the U.S. rejected the idea of increasing the price of gold -- and thus made gold's relationship with the dollar untenable -- not because fixed [currency] exchange rates were wrong. In fact, had the U.S. revalued gold, the system could have sailed along for another two or three decades.

The Only "Why Gold" Infographic You Will Ever Need
by Jeff Desjardins

This five part infographic on gold will educate and delight prospective and experienced gold owners alike. Not the stuff of dry economics, it reveals in roughly 15-minutes viewing time how gold came to be mankind's most revered form of money and safe haven asset, and why it is likely to remain so for a long time to come.

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Recent Arrivals

Post ZIRP Stocks/Gold
by Adam Hamilton

For those of you wondering about the potential after-effects of the Fed's recent interest rate hike announcement, Adam Hamilton offers some timely and interesting speculation – the best analysis we have seen thus far on the Fed's unexpectedly hawkish announcement.  He warns of the potential for a nasty surprise in the stock market, as the realities sink in, and predicts a very pleasant one for gold – both under the heading of unintended consequences.  Consider the following an early heads up.

The Screaming Fundamentals for Owning Gold
by Chris Martenson

As the world’s central banks perform increasingly bizarre and desperate maneuvers to keep the financial system from falling apart, the most frequently asked question we receive is: What should I do? Unfortunately, there’s no simple answer to that question. Even seasoned pros running gigantic funds are baffled by the unusual set of conditions created by 4 decades of excessive borrowing and 7 years of aggressive money printing by central banks.  We expect market conditions to be even more perilous in 2016 as they are here in December 2015. Worse, we fear a major market correction -- if not a financial/banking accident of historic proportions -- could easily happen in the not too distant future.

The next great bull market: Gold $25,000
by Avi Gilburt

What caught my eye about this analysis was not just the $25,000 target, but the fifty year timeline. It infers, if Mr. Gilburt is correct, a long-term Kondratieff-like process rather than an event. Of course, such a process will not occur in a vacuum. In fact, it suggests a major, long-term reconfiguration of the monetary system as we know it – an historical trend best hedged by holding the physical metal in the form of coins and bullion as an alternative savings vehicle. Said physical ownership should be established in concert with, or before, exploring any speculative opportunities.

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Old Favorites

Appetite for Distraction by Grant Williams - In Appetite for Distraction Mauldin Economics' Grant Williams offers one of the more cogent and entertaining renderings we have seen on the subject of gold as a means to long-term wealth preservation. As most of you already know, we at USAGOLD also see gold's principle role as portfolio insurance. We welcome this addition to our Gilded Opinion Library.

See also. . .Let It Be: Fiat Monkees & Golden Beatles

Gold's Pivotal Role by Julian Phillips - Mr. Phillips contributions with respect to gold's role in the new and emerging international monetary order and as a central bank reserve asset often penetrate to the heart of the matter at hand. I find myself in agreement with him more often than not and appreciate his ability to delve deeply into the relationships between gold and the international financial markets, as well as the importance of gold ownership to the average investor.

Let's Get Physical
by John Hathaway

John Hathaway is a frequent contributor to USAGOLD's Gilded Opinion Library simply because he has a way of getting to the heart of whatever it is that is either bedeviling or charming the gold market at any given point time. Below he explores the underlying causes for what could mature into a major scramble for physical gold metal in 2014. There is plenty to consider here for both the newcomer to gold and members of the old guard -- its content a solid start for the New Year.

Golden Slumbers
by Kenneth Rogoff

You might remember Dr. Rogoff as the co-author (with Carmen Reinhart) of a controversial book published a couple years back titled This Time Is Different - Eight Centuries of Financial Folly. As one of the world's top experts on financial and economic crises, I could not think of a more qualified spokesman in behalf of the benefits of gold ownership than Dr. Rogoff.

The Investment Case for Gold, Part 2 by John Hathaway - In 2013, says John Hathaway, "the rationale for gold remains solid. In fact, it seems stronger than ever." Part 1 of this essay was published in 2002. It has been a long wait for Part 2, but it could not have come at a better time.

2012 - The Year of Living Dangerously by James Quinn -- The author extends Strauss and Howe's Fourth Turning analysis-- a time of civic decay and global disorder.

Pompous Prognosticators by Colin Seymour - Ill-advised blustery quotes from the 1929 market crash and Great Depression

The Golden Pyramid by John Hathaway - Here is one of the first attempts to explain the relationship between paper gold and physical gold in the price discovery mechanism. (1999)

Alf Field's LAST Elliot Wave gold price update - ". . .[I]t would be foolish to trade gold in the circumstances of the Big Kahuna crisis that we are living though at the moment."

Financial Markets, Politics and the New Reality by George Friedman, Stratfor - This captivating essay starts with the peculiar decision of one Mr. Louis M. Bacon of Moore Capital Management -- peculiar not so much for its result, but for what prompted it.

In Gold We Trust 2015
by Ronald-Peter Stoferle and Mark J. Valek, Incrementum AG
Annually Incrementum, the Lichtenstein investment house, publishes the most comprehensive gold study available. This study comprises 140-pages of top-drawer analysis for those wondering whether or not gold should continue (or begin) to play a significant role in their financial plans. We highly recommend at least paging through this important work, if not fully digesting it.

In Gold We Trust 2013

In Gold We Trust 2012

In Gold We Trust 2011

In Gold We Trust 2010

Interview Steve Forbes: How to Bring Back America - by Ron Hera -- The former presidential candidate and magazine publishe has a message for a nation dominated by increasingly short-term decisions made on Wall Street and in Washington D.C.

Gold is magnificent at the museum but is no museum piece by Chris Powell (Speech at the American Natural History Museum) - "Your gold exhibition is magnificent, but its inevitable implication is that gold is an antique, a museum piece, a relic -- like the dinosaurs just down the hall. To the contrary -- gold is central to the world financial system even today . . "

The Gold Bullion Market by Alasdair Macleod - "[F]iat currencies always die. They die because governments always take the process to destruction. Always. And that is true today. That is why gold is so important."

The Floating Dollar as a Threat to Property Rights by Seth Lipsky - The author puts an interesting spin on how the floating fiat currency known as the dollar impacts our "right to the property that comes to us in the form of a salary or is held by us in the form of savings."

The Bedrock of Gold's Bull Rally by Frank Holmes - The nitty-gritty on why gold is not in a bubble.

Understanding Gold by Paul van Eeden - Though written in late 2000, this fundamental analysis holds up well and continues to receive strong traffic directed from gold-based web sites.

In uncertain times, all that glisters is a gold standard by Gillian Tett, Financial Times - US reserves of gold are so small relative to its monetary base, that a price above $6,000 an ounce would be needed to reintroduce a gold standard.

What to do about the recession by William Anderson - How Federal Reserve policies perpetuate the bad economy instead of curing it.

Actually, gold is a great inflation hedge by Joe Wiesenthal - Critics like to fudge the numbers on gold as an inflation hedge. This piece tells how they do it.

The Crash of the Millennium: An Interview with Dr. Batra by J. Taylor - Dr. Batra is by no means a gold bug, but in this interview says that the only long-term investment he now recommends is gold and gold shares.

Little Faith, Not Much Hope and Too Much Charity by Julian Baring (Speech to the European Gold Mining Investment Forum) - "I hope the invitation did not deter too many potential attendees because my views on certain aspects of the gold industry are well known and not much loved by many of you."

More Faith, Still Hope and Less Charity - A follow-up to the previous year's peer shake-up.

The Back Shelves

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Archive items retired from the main index, but still of interest.


 
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mkMichael J. Kosares, the author of these articles, has more than 40 years experience in the gold business. He is the founder and executive director of USAGOLD (both the website and gold brokerage service), the author of three books on the gold market, and the editor of "News & Views, Forecasts, Commentary & Analysis on the Economy and Precious Metals," the firm's client letter. He has written numerous magazine and internet essays and is well-known for his ongoing commentary on the gold market and its economic, political and financial underpinnings.

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