Quotes from the Sydney Gold Symposium

Kris Sayce from Money Morning Australia attended the Sydney Gold Symposium this week. He admits no prizes for making the right guess on the opinions on gold and silver. “The message was buy both. And buy them now.” Which he says, made him feel a bit uncomfortable.

Here are Kris’ highlights from the conference – and a word of warning:-

Monday’s keynote speaker was Egon von Greyerz. Here are a few choice quotes:

“There are three types of money. There is money which is worthless (Zimbabwe), there is money that will become worthless (US dollar), and there is real money (gold).”

“100,000 people earning average $ 40,000 have to work for 350 years to produce as much income as Ben Bernanke can print $ 1.4 trillion in a fraction of a second.”

What’s the difference? The first is mostly productive work… The latter is a man pressing a button!

“Nixon should have been impeached for going off the gold standard, not Watergate… or shot even! It was the worst criminal act I’ve ever seen.”

The afternoon session saw our old pal, Dan Denning take the stage:

“The gold standard should be the friend of the working man…

“You cannot have true liberty without gold as real money.”

And on the sham of central banks having an inflation target, Dan pointed out an inflation target of 3% means the central bank is authorising the steady erosion of personal wealth… by 3% each year.

But “under a gold standard [the people] cannot be robbed by the central bank in that way.”

The second day was a ripper too. But as we were chairing, we did not have the chance to take as many notes as we would have liked. Richard Karn’s talk on specialty metals was the best of the crop.

His best slide compared nations’ money supply growth and reported inflation rates. Turns out Australia’s money supply is growing faster than the U.S. Yet officially our inflation is under control!

But getting back to our point from the start of this letter, some parts of the Gold Symposium made us feel a bit uneasy.

We know it was a gold conference. And we knew everyone would be bullish on the yellow metal. But still, we had hoped for some counter arguments. Or at the very least for one of the speakers to say, “Of course, if I’m wrong, this will happen…”

The closest any of the speakers came to this was (we think) John Embry of Sprott Asset Management. To paraphrase, he said: “Be careful what you wish for. If there is hyperinflation it will be terrible for everyone.”

It’s an argument we’ve made here many times. We know the gold bugs won’t like us saying it. But the best outcome for gold investors is probably for the world’s economies to experience more of the same… bailouts and central bank money printing.

That will be bad news for those who don’t own gold as they’ll remain unaware of the silent destruction of their wealth. But for gold and silver investors it could (or should) see precious metals crank higher over time.”

The full article is available at http://www.moneymorning.com.au/20111116/the-working-mans-and-womans-best-friend.html

Perth Mint located in Perth, Australia, has been producing silver and gold bullion bars and other bullion products since 1899. Find out more about their services and the current gold price on their official website.

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Author Lawrence Parks Appointed as Advisor to The Gold Standard Now


(PRWEB) December 01, 2012

Lawrence Parks has been appointed to TheGoldStandardNow.org, a project of the Lehrman Institute. Institute founder and Chairman Lewis E. Lehrman said, Dr. Parks has been a leader in educating Americans about the evils inherent in our current fiat money system and about the benefits of an honest monetary system. As a writer, broadcaster, and a noted monetary policy expert of such stature as to have been called as an expert witness before the House of Representatives Subcommittee on Domestic Monetary Policy, he has helped Americans understand what a true and honest money system looks like and how it would benefit all working Americans seeking opportunity.

Upon accepting the appointment, Parks said, With the monetary system we have now, the careful saving of a lifetime can be wiped out in the blink of an eye. It is urgent to change our monetary system before it implodes. It is an honor to be associated with Lewis Lehrman in achieving this goal.

TheGoldStandardNow.org is a website that provides information about the classical gold standard. The site provides key writings, historical information, breaking news, featured articles from the world media and frequently updated original content.

Dr. Lawrence Parks is the Executive Director of the Foundation for the Advancement of Monetary Education (FAME) and a leading proponent of the fight for honest money. A student of money for more than 30 years, Dr. Parks also studied with free-market economist Murray Rothbard. Dr. Parks is a frequent speaker on what he calls “The Fight for Honest Monetary Weights and Measures.” Dr. Parks is the author of What Does Mr. Greenspan Really Think?, an easy-to-read book about how our monetary system works. Lawrence Parks’s writings have appeared in Pensions & Investments, The Economist, The Washington Times, The Freeman, The Free Market, American Outlook, The United States Congressional Record and National Review. Having broad experience in academia, business and finance, Dr. Parks also holds a Ph.D. in Operations Research from the Polytechnic University.

Currently serving as senior advisors to TheGoldStandardNow.org are Lewis E. Lehrman, founder and chairman of the Lehrman Institute; economist and financial editor, Paul Fabra; Sean Fieler, chairman of the American Principles Project; John D. Mueller, Director of Economics and Ethics program at the Ethics and Public Policy Center; author and journalist, James Grant; economist Steve Hanke; economist and author Judy Shelton; free banking advocate and Professor Lawrence H. White; and as advisors Ralph J. Benko, author, columnist and editor of TheGoldStandardNow.org; Brian Domitrovic, author of Econoclasts: the Rebels Who Sparked the Supply-Side Revolution and Restored American Prosperity and Forbes.com columnist; author Jeffrey Bell, policy director of the American Principles Project; Monetary Policy expert Rich Danker, Project Director of Economics at American Principles Project; Forbes columnist Charles Kadlec; analyst Christopher K. Potter, President of Northern Border Capital Management; conservative leader Frank Cannon, President of the American Principles Project; RealClearMarkets editor John Tamny; and Frank Trotta, President of the Lehrman Institute.

About The Lehrman Institute

The Lehrman Institute is dedicated to public policy, educational and historical research. It was founded in 1972 by Lewis E. Lehrman. The Lehrman Institute has sponsored a wide range of research and discussion in the fields of economics, historical research, foreign policy, and urban policy. TheGoldStandardNow.org is a news and commentary aggregator focused on domestic and international monetary policy issues.